I think the spanner in the works is that the CD-ROM bundles an MS Access runtime executable that is 16-bit and therefore will not run on 64-bit Windows. If you look in the top left of the window in the screenshot, the icon looks like Access 2.0, which was designed for 16-bit Windows.

Given, as you say, Microsoft's commitment to backwards compatibility, it is very likely in my opinion that a modern computer running 32-bit Windows 10 (not Windows 11, as they dropped the 32-bit version and therefore finally dropped 16-bit software support entirely) would run this software fine. It is also likely, as you say, that modern Access could import the underlying database (does Access 2023/365/whatever import Access 2.0 databases? Who knows! Not I, I don't touch the stuff ;)