No, you’re not seeing things here. Someone at GBATemp actually did manage to get Windows 95 running on the New 3DS:
What’s more, they also got Windows 98 and Windows 3.1 working too! And these operating systems actually boot up properly!
So how you do it?
Well, there’s a tutorial here:
But to summarise, you put some files into the Retroarch folder. You then run the homebrew app, choose the version and well, that’s it.
Just keep in mind that this only works on the New Nintendo 3DS. It’s also likely not very usable for any practical purpose.
Still, it’s impressive regardless. Didn’t think Windows would ever work on a Nintendo handheld…