That link says NTVDM uses the CPUs virtual-8086 mode, rather than emulating a CPU; NTVDM's approach can't be done on a CPU that's in 64bit mode (per Intel's docs), the CPU would have to be stepped back into protected mode first (which isn't the same as when you run a 32bit application in a 64bit OS, that's a separate compatibility state within 64bit mode).
I did the same, I do wonder if it holds up as well as my memory remembers. Probably not.
Like I remember Doom running fine on my 486 SX 25Mhz, but looking back at it now, it wasn't that great. It took a top end Pentium to really get it into smooth-ish 20fps+ territory.
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