It "technically" can - i used Win95 on an AMD 386DX with 4MB of RAM back in the 90s for a little. Most of the time was spent waiting for the computer to do something while the HDD was constantly working.
The Pentium MMX with 32MB i replaced it with was MUCH faster, practically everything was instant.
I tried installing it on my 20mhz 486 IBM but the install never would finish even though the minimum specs listed 386. I always thought that was being too generous. I did use it on faster 486's at some point in school (I think 66mhz or faster?)
Yup, the RAM was the main bottleneck. 8MB was the minimum for Win9x, 16MB and above led to a fast experience.