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.
Yup, the RAM was the main bottleneck. 8MB was the minimum for Win9x, 16MB and above led to a fast experience.
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?)