DOSBox Pure Unleashed is a standalone fork of the classic DOSBox to run DOS games on modern systems, based on the libretro core. Giving you an all-in-one fully featured way to easily play the classics on modern Linux, macOS and Windows.
It was originally announced quite a few years ago, but on October 18th the developer announced "DOSBox Pure Unleashed 1.0 Preview 3" which is the "first public release of DOSBox Pure Unleashed based on version 1.0 Preview 3 of the core".
With an impressive and long list of features, this really should make playing classic DOS games near painless on practically any system. Especially with the easy menu interface to load up games from all sorts of file types, the on-screen keyboard, automated controller mapping, save states, major audio support and much more.
Check out their video on it below:

Direct Link
Really great to see this get a proper up to date release. However, it seems currently there may be some problems with the audio output on certain Linux distributions. Hopefully the issue can be tracked down and promptly fixed. Since it's all open source I imagine it won't take too long.
It's available via the GitHub or the itch.io page.
It's good as it is, but if you want something better, something more modern or plainly something other you can get one of the forks like DOSBox Staging or this shiny new DOSBox Pure.
And you can even scaling 3dfx rendering.
This emulator break a wall in 3DFX emulation on W9x.
It states that you can install early versions of Windows in it (3.x, 95 & 98 were mentioned)
This is possible because Windows ran on top of DOS until 98/Me. It's only with Windows NT/2000 that the dependency on DOS was dropped, which is why DOS mode was also removed in that version.
I also wouldn't call it a VM in the modern sense as you can't just boot any random x86 disk image (like how you can do so in VirtualBox), nor does it make use of any type 1 hypervisor acceleration (Hyper-V in Windows, KVM on Linux).