I realized that the fact the game only works on Windows 95 turns out to be a myth. I actually got the game working on Windows 98 within VMware Player which surprised me and I have proof of it.
My guess for the reason why this game worked for me on Windows 98 is that I used a different sound card driver. Windows 98 does not have sound working for me with VMware Tools installed so I found this solution. The download link to the driver is found on the "Correct Answer" post by WoodyZ.
But perhaps I was lucky and it miraculously worked on me so I'm not sure if this is definitely the solution for playing this game on Windows 98 so it could be worth a try for someone else out there. This was after my attempts on trying to get Windows 95 installed on a virtual machine to play this game but I couldn't get it working because the drivers are too much of a pain in the ass to get working in Windows 95.
Comparing to the walk through of this game found on YouTube made by someone else, who also used Windows 95 to play this game, the game actually sounds better on Windows 98 with those sound drivers. You can still hear certain sound effects and dialog on the left but it's a little more subtle and there are a little less "fuzzing" from the sounds in this game as well.
Also, unlike Windows XP, it doesn't crash at parts where it tells you to change the disc on Windows 98. So the experience would be much the same as it would be on Windows 95 minus the instability of Windows 95. So you could possibly beat the game on 98 as well.