Which is the best way to play Windows 9x games? Is there any working emulator
except PCem which is slow? I want 100% working Windows 9x emulator with 3DFX and no lagging. VMware and VirtualBox doesn't support 3D-Acceleration in Windows 9x.
Installing Windows 95/98/ME "native" is really not going to work on modern hardware. Aside from obvious lack of VGA / audio drivers, you'll be missing other stuff like USB3, SATA, xinput (modern game controllers, etc). Last time I looked trying to run Win 9x "virtualized" didn't support 3D acceleration and the fake "3DFX card" was usually software emulated.
Coming from someone who loves replaying older 90's games, it's 1000x easier to just install W7/10 and apply common compatibility patches / community fixes as required per game.
PCGamingWiki, per game fan sites and GOG support forums are good resources for that stuff. The only games that really don't work at all on modern 64-bit OS's are 16-bit (non-DOS) Win 3.1 games made around the 1992-1996 era, but those aren't the same as the Win 9x era games you mention which typically means DirectDraw / DirectX 5-7 stuff made between 1995-1999). All of my collection of those can be made to run just fine under W7-10. DOSBox & ScummVM handle DOS games, many popular titles have been patched by community modders for both compatibility & widescreen support, alternate renderers (inc nGlide, dgVoodoo), modern source ports fix even more yet still remain true to the original gameplay, GOG releases typically have pre-applied fixes, others have official remasters, etc.
Probably be easier if you posted a list of games you want to run. You'll be surprised how much does still run fine with the right tweaks.