Can you run the game in the official Dosbox PC version? Sometimes, these classics come with modern installers and other tweaks that break Win95 compatibility.
Try to set up your Win95 environment on a PC, that’s much easier.
I’d suggest a “c.img” harddisk file for the Win95 installation, and a larger “d.img” harddisk file that should contain the installer. Install the game inside Win95 to another folder on this d.img drive.
If your version is not compatible with Win95, the installation will close with an error message at this point already. If not, this will ensure everything is copied and registered where it belongs.
If you get it working on your PC, you can copy both the c.img and d.img files to your phone and set them up in Magic Dosbox.