The Wikipedia page is not verify informative and presents it as a regular VM (possibly mixing up 9x and later versions that run the NT line of kernels). The manual is a bit more informative about the tech:
ilab.usc.edu/packages/special/Win4Lin-3.0.1-manual.pdf
I’m a bit surprised it hasn’t been mentioned a lot in the comments. Maybe it’s a bit too old for most people here (Linux in the late 90ies/early 00s was a much smaller community)?