Different use cases than QEMU, honestly, to the point that there's not much overlap. QEMU is extremely good at running modern operating systems, and not so much at older ones (DOS and Win9x are pretty sore points in QEMU). 86Box is extremely good at running old operating systems (including DOS and Win9x!), but modern operating systems are mostly out of the question (you can run WinXP, but https://86box.readthedocs.io/en/latest/usage/faq.html#can-i-...).
What's missing in qemu for running old OS'?