I don't know, but just because it can be emulated does not mean it is equivalent. I have a friend who uses DOS software on his modern laptop and laments that it was faster running natively on a 486.
But we're talking old IBM software. That ran on a refrigerator with discrete logic. It had lights on the front that showed every register value. Under 1MHz if I recall.
An emulator could certainly beat the performance of something you could watch execute on incandescent lightbulbs.
it must have some hard wait time in it or something. Emulators on modern systems running DOS are absolutely many times faster at running old code than that 486 in 99.9% of the cases unless there is some weird timing/resource sharing issue
