No; Windows 95 was a 32-bit OS. But many programs of that era were designed to run on Windows 3 also and so were, as you say, 16-bit programs. A further complication is that some older 32-bit programs used a 16-bit installer. Some of these can be made to run on 64-bit systems with a little trickery, but not all.
I suspect the only way you could run this program on your PC would be to run Windows 95 in a Virtual Machine.