it would, just without standard library support, as the default stdlib imports system APIs that older versions don't provide. Other than those and a "supported OS version" filed in the PE header there isn't really much else in your way (hence my Rust9x project)
BirAdam|5 months ago
seritools|5 months ago
but you're right, win16 can only load some 32-bit PE files through something like Win32s