Now, if we could just get Microsoft to re-release DOS 5.0 to run under Windows 10 without an emulator or VM, I'd be in Heaven...
That is technically not possible on a system that runs in the x86 long mode (aka 64-bit), because even though the CPU can switch to a 32-bit mode that also supports 16-bit protected mode code it can not execute real or VM86 mode code (real mode is what DOS uses). So you can
never have a non-emulated DOS on a 64-bit OS (please note that also in older Windows versions it never was a full DOS, it was functionality provided by the
NTVDM)
But if you merely want to execute DOS or Win 3.11 applications on Windows you can try for example
WineVDM. It uses CPU emulation (due to the reason mentioned above), but otherwise it integrates with the running Windows (as far as possible).