The thing that you're missing is that Microsoft used to ship that emulator with Windows. Then they stopped doing that.
AFAICT, Wine can run WIN16 programs. I don't know if it can run DOS programs. There's a WineHQ wiki page that says it can load DOS programs, but various internet fora seem to believe that Wine's DOS support is pretty broken. I've never tried it, and have no DOS programs handy, so I can't verify those claims.
The thing that you're missing is that Microsoft used to ship that emulator with Windows. Then they stopped doing that.
AFAICT, Wine can run WIN16 programs. I don't know if it can run DOS programs. There's a WineHQ wiki page that says it can load DOS programs, but various internet fora seem to believe that Wine's DOS support is pretty broken. I've never tried it, and have no DOS programs handy, so I can't verify those claims.