New
#31
You are confusing the term "virtual machine" with "emulation". NTVDM does not "emulate" 16 bit applications, in that it is not interpreting code programmatically. It is running the code "natively", but doing so in a 'virtualized' environment.
When running software such as DOSbox, IIRC, then the code is actually interpreted and completely emulated. This is not "native" because the CPU is not executing the instructions natively.