MS-DOS 5.0
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WinWorld is an online museum dedicated to providing free and open access to one of the largest archives of abandonware software and information on the web.
Comments
From MS-DOS 5 upgrade (5.00 / 5.00a) it is impossible to installed on blanked HDD drive.
So previous DOS (MS-DOS 2.11 or higher) should be installed on HDD or Floppy disk.
I added install processing as screenshot. (MS-DOS 5.00a Retail Upgrade)
https://forum.winworldpc.com/discussion/comment/147444#Comment_147444
https://forum.winworldpc.com/discussion/comment/139538#Comment_139538
Upgrade to MS-DOS 5 and organize your applications

Is this the last version to support Windows 1?
Yes, It's the last. If you run it on MS-DOS 6.0 and late. You won't be able to run the applications or the GUI won't load.
It is the last to support Windows 1 without patching. With patching, you can make it work.
http://old-dos.ru/index.php?page=files&mode=files&do=show&id=63
https://www.ebay.com/itm/165058211842