Is there is any wine like software/emulator for windows to run windows XP or prior version of windows such as windows 95 application on latest version of windows 10?
Yes, it is. You can download the Windows Virtual PC directly from Microsoft.
You can download Windows XP Mode directly from Microsoft. I don't believe that this actually has an expiration date.
You can also download Windows 7-10 virtual machines directly from Microsoft.
These machines are ostensibly provided to let you test browsers, but you can install other software on them. Read the procedure to snapshot them so that after they expire in 90 days.