I’ve got a Note 4 N910F, which is pretty much the same phone as yours, with the same chipset/cpu.
I have no troubles at all running Win95. But it’s a custom Win95 installation. I remember having incredibly annoying freezing and crashing issues with the Win95 & Win98lite installations from Roland Deschain’s xda site. Are you by any chance using one of these versions? If so, then they are to blame. Try a clean Win95 install from a Win95 CD, that should work.