This article is from the comp.sys.acorn FAQ, by Paul Vigay with numerous contributions by others.
Yes, however the installation of it is slightly more complicated than (should be) normal for a PC. Choose a custom setup and inform the Win95 installer of what hardware you have present, under the Video driver section install the default VGA driver.
Then complete the install. Once it is installed you may then install the Arm video driver in a similar fashion as for the instructions for installing it under Windows 3.11. There are specific Windows 95 instructions for ARMDRV v1.99, this version also cures the occasional icon redraw problem with Windows95. You should then be away.
With PCPro specific Win95 installation files and instructions are provided for both the Windows video driver as well as the Sound Blaster emulation. Not to mention general instructions for installing Windows 95.
Win98 should work on 586 cards, but I've heard that it won't work on 486 cards.