I cut down Win95 to run from a 16MB SSD in 1996, paid for by PC Pro magazine. I knew that OS inside out.
Around the turn of the century my travel laptop was an IBM Thinkpad 701C, the famous "Butterfly". 40MB RAM and a 75MHz 486DX4.
Win95 was great on it, better than OS/2, but the thing is Win95 had a max of 4 IP addresses. In total.
I had a dialup modem (1), an Ethernet card (2), AOL for toll-free dialup (different stack, so 3) and Direct Cable Connection (4).
Add a different modem or Ethernet card and it couldn't bind TCP/IP to it. No more addresses.
I tried NT 4 but it had no power management, no PnP, no FAT32.
I tried Win2K. Not fun in 40MB of nonstandard (and so vastly expensive to upgrade) RAM.
I tried 98SE. Too big, too slow.
So I cut it down as hard as possible with 98Lite.
(Still around, remarkably: https://www.litepc.com/98lite.html )
No IE, no themes, no built in media stuff, no Active Desktop, and it ran reasonably on a 486 in 40MB of RAM.
And it supported more IP addresses!
But it was hard work to get it working, and it was never entirely stable.
No. I reject your statement based on considerable personal experience and benchmark testing.
98 was considerably heavier than 95.
Just look at the ISO files!
95 OSR 2.1 with USB support:
https://winworldpc.com/product/windows-95/osr-21
385MB.
98SE:
https://archive.org/download/windows-98-se-retail
622MB.
98 is a significantly bigger and more complex OS.
Same design, but a lot more stuff piled on top.