On a new machine, the hardware is different.
With Warp4 or eCS, it doesn't boot. With ArcaOS, it boots, but Excel for DOS from 1994 does not run.
On a slightly older machine Warp4 does not boot, eCS and ArcaOS does, but Excel for DOS runs with defects.
On a much older machine, all three operating systems boot, and Excel for DOS runs perfectly.
I'm sure other variants exist, but Excel for DOS generally does not fail because of a difference between Warp4, eCS and ArcaOS.
I hope this helps.