TL;DR: 32 GB is the “official” biggest possible Windows 95 drive, and even then, only with OSR2 and the FAT32 format with good underlying hardware support. But if you are adventurous, read on.
Drive size limits are an interplay of the BIOS, OS, and drive format.
History of BIOS and IDE limits provides a lot of color here.
Early in the Windows 95 era, the FAT16 limit of 2.1GB stopped larger drives until FAT32 support become available in Windows 95 OEM Service Release 2 (OSR2). Even then, that was limited to a 16kb cluster size which would limit the drive to 32 GB.
Hard Disk Drives Capacity Limits.
According to Would the 32gb hard drive limit in Windows 95 affect dual boots?, Windows 95 will support drives up to 128GB (the 28-bit disk addressing limit), but SCANDISK will not be able to do repairs.