Yes, but if it is just a PC running Windows 95, likely simpler to get the software working under newer Windows, or if worst comes to worst, keep Windows 95 and stick it in a VM. I doubt there is any specialised hardware on the Windows 95 machines, the specialised hardware is likely connected to something else.
The use case where physical floppy emulators really shine is with much more exotic legacy systems. Some years ago there was a furore that the US nuclear arsenal was still being managed using 8-inch floppy disks (used in IBM Series/1s, 16-bit minicomputers from the 1970s). USAF was proud to publicly announce they’d successfully transitioned the US nuclear arsenal to be floppy-free. I don’t know if they said publicly exactly how they did it, but I suspect they kept the Series/1 minicomputers and just replaced the 8-inch floppy drives with hardware emulators (which probably each cost an utter fortune when you add up the premiums anyone will charge for it being the military, being highly classified, and above all being related to glowing things that go boom)