The fact that there is no Windows 11 version with NTVDM is why this must be a Win32 console app, assuming the poster is truthful. Windows NT 3.1 came out in 1993. This being in a directory called “ntbin” gives another hint.
I think that is the point being made. This exe is cherry picked as the oldest working exe, it isn't like every 30 year old exe in that folder still works.