It doesn't. Case in point is my spare late 00's laptop running mint and early 00's / late 90's games. Some (Age of Wonders 1) don't work at all under wine/proton. Others (Age of Wonders SM, dosbox games, Majesty) technically work but keep hitting snags like midi just flat out not working, display resolution being read and set incorrectly, visual artifacts. Everything tested worked perfectly fine under Win7 and Win10.
Aight so when using Wine, AoW1 just instantly fails silently upon launch, no error message to see. When using proton it technically works - clicking randomly I launched the tutorial, judging by the sounds - but the screen is black all the time and shutting down alt-f4 it throws an error:
Exception EWin32Error in module VCL30.dpl at 00010E4F