I ran into same or similar issues with old ati cards in win 98 vm qemu as ruthan wrote on winraid forum:
I created an issue on gitlab qemu related to segfault when using x-vga=on on old ati gpu x550. It happened if the vbios had "BAR0: 32 bit, BAR1: I/O" (lspci -vv) and someone made a fix. It is not in the qemu release, I had to build from source. (I have an ati x600 with a vbios that has BAR0: 32 bit, BAR1: I/O and another x600 that has BAR0: 64 bit, BAR4: I/O).
There were no segfault issues with old ati gpus that have " BAR0: 64 bit, BAR4: I/O", but those old ati gpus x600, x700, x800 that I have, have " BAR0: 64 bit, BAR4: I/O" , have the issue that the driver does not load in win98, when desktop appears it says there is a problem with the display and it prompts me to set the resolution/color every time, if I change the resolution or number of colors, it prompts to restart, I hit ok and it stays at 'restarting windows'. I created an issue on gitlab qemu, no fix yet.
Here are the issues:
https://gitlab.com/qemu-project/qemu/-/issues/2856
https://gitlab.com/qemu-project/qemu/-/issues/2866