Wine in 2023 still unable to properly run software from 1999.

Here is what I don't get about Wine. Even in 2023 it seems to fail to handle basic Windows software written in 1996-1995 like the classic convert.exe (https://joshmadison.com/convert-for-windows/). This program and others run flawless in ReactOS for instance, why not under Wine?

Another things I don't get include:

• Why is Wine is still stuck on that Windows 98 style GUI instead of a more modern thing;
• Flickering;
• How can ReactOS, that shares code with Wine, run everything way more smoothly?

For reference I'm using Debian 12, Wine 8.0. Also tried with Soda 7.0, same results.