It took some time to figure it out. Here's what worked for me. Wish this thread had been here for me when I first installed it.

Game Folder: AoW.exe, AoWCompat.exe, AoW Setup.exe, all set to Windows 98 / ME Compatibility in Properties.

AoWSetup.exe: High Quality, 800x600 (trust), Skip Intro (watch once or more), Allow Resolution Switches.

Use AoWCompat.exe. C/Prog86/Gog/Games/AoW/. You can create shortcut or Pin to Start. It has a wonderful icon.

640x480 is worth trying. Maybe 1st map at least. You'll get the best look at all the art and it feels more intimate, claustrophobic, etc. 800x600 is a compromise with better viewing range at the cost of some of that Diablo 1 feel, but it still retains the full vibes. Stretches beautifully on the 65". I prefer the latter, largely due to how I first played.

I had to use a third party patch mentioned in another thread near the top of this forum. If you encounter the error it applies to, you'll recognize the title of the post. I checked out the repo. Got a warning about the file. Scanned the patch .exe with Microsoft Defender and Malwarebytes, looked okay, worked. Thanks to those people who are putting in this effort over the years, when they could easily keep the solutions to themselves.

Enjoy!