I have a laptop (Windows 7) and I want to install a second operating system (Windows 95) on it. Is it then possible that I can change the operating system at any time?
Yes you can. Just create a partition. There are good tutorials on yt
No, this is not possible. You have to become a premium member of Java or Mojang
Yes, keyword: "Dual Boot"
? What does that have to do with JAVA or MOJANG?
You have no idea, do you? You need Mojang Premium to do that. You know.
Is that irony?
Yes, it's just fun ^^
That's fine. Since Win 7 Windows also has a boot manager where you can then choose which partition to start. This has been standard for Linux for several decades.
However, you will not enjoy Win95 on modern hardware, you need drivers. Since the standard drivers are based on old quasi standards, the modern hardware has not been around for a long time, you will probably only get 640x480 with 256 colors and no sound. In addition, Win95 knows no USB, USB sticks, joysticks, etc. Can't work.
A better solution is a so-called "sandbox". A complete PC is emulated in which you can then install any operating system. There's VMware or (easier to use) the VBox. The advantage here is that there are "drivers" for old operating systems. They map their capabilities offered to the operating system via the modern drivers of your operating system. This gives you practically full functionality. Mouse, keyboard and many USB devices are then simulated as old hardware.
The disadvantage, of course, is that you then have less memory and also not the maximum system performance. Since a modern computer is "umpteen times" better than what you had with Win95 at the time, you don't even notice it, on the contrary, because Win95 can use the hardware better and it runs even faster than directly installed!
In addition to the drivers, the advantage is that you have a virtual hard disk as a file, which you can then easily copy and keep for system reset. The guest operating system (here Win95) can run in full screen but also in the window, data can be exchanged via drag & drop, clipboard or simulated network shares. Internet access and other things of the real machine can also be switched on and off or checked with a click.
The DOSBOX is recommended for DOS games, here you have even more options to use old DOS hardware functions. In addition to old analog joysticks, "real" sound blasters and other cards are simulated (even MIDI is possible via USB adapter). In addition, the DOSBOX is much easier to use.
If this works here: https://technik-de.gamepedia.com/Rechner_(Redstone)
Why not directly build a 1990s multimedia PC in Redstone?
That is also much faster.