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Jump to PostSimply because the libraries for 16 bit applications contain depreciated code that doesn't work with modern 64 bit processors. To write work arounds for these libraries would be time consuming and cost a lot of money, you're lucky you even get compatability mode in my opinion.
Jump to PostRun Linux with qemu installed. Then you can run just about any sort of emulator you want... and often faster than on the original hardware with modern 64-bit x86 systems.
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