Well, guess you're married to Windows if those are your requirements. Proton runs most games these days[1] (but not all). Apparently older Windows app/games run better on Proton/Wine than Windows (better citation needed) [2].
No VM solution I know of supports 3D-accelerated graphics. VMware Workstation used to, but they removed it years ago because it was a security risk (direct access to 3rd-party drivers on the host).
VMs are useless for most gaming.
For games up to around the late 90s, and if you have a real beast of a machine, full emulation such as with PCem is the best option.
It doesn't. Case in point is my spare late 00's laptop running mint and early 00's / late 90's games. Some (Age of Wonders 1) don't work at all under wine/proton. Others (Age of Wonders SM, dosbox games, Majesty) technically work but keep hitting snags like midi just flat out not working, display resolution being read and set incorrectly, visual artifacts. Everything tested worked perfectly fine under Win7 and Win10.
Aight so when using Wine, AoW1 just instantly fails silently upon launch, no error message to see. When using proton it technically works - clicking randomly I launched the tutorial, judging by the sounds - but the screen is black all the time and shutting down alt-f4 it throws an error:
Exception EWin32Error in module VCL30.dpl at 00010E4F
[1]: https://www.protondb.com/explore
[2]: https://www.reddit.com/r/linux_gaming/comments/1kjib0y/is_th...