Windows 95 or Windows 95A (version 4.00.950) supports only FAT16.
Windows 95B (OSR2, OSR2.1, version 4.00.1111) and
Windows 95C (OSR2.5, version 4.00.1212 or 4.00.1214) both support FAT16 and FAT32.
No version of Windows 95 supports NTFS (unless you try to use a third party driver).
Regardless of which partition you install Win95 on, you primary active partition must be FAT16 or FAT32.