The game is barely playable with such very low framereate. My computer is old, but exceeds requirment a lot:
AMD Phenom II X4 625
12 GB DDR3
NVidia 9800GT

Yet the game runs much worse than when I was playing a demo with much worse computer like 20 years ago.

I tried DDrawCompat and dgVoodoo2 but in both cases I can start game and reach the main menu, but game crashes before showing loading screen.

Tried compatibility mode with both Windows XP versions and 98/ME - no difference.