It would, if it was a 32 bit installation, but most Win10 installations will be 64 bit. It will only run on a 32 bit system. To find out which you have, My Computer/This PC/Properties.
The work-around is quite simple - install VMWare Player (free). Then install a 32 bit OS into it - Win XPSP3 is ideal. You can then install Planet into the XP system.
TIP: Planet is slow to boot, so when you are finished with it, do not close it and quit VMWare Player - leave it running and suspend the Player. When you wish to use Planet again, the Player will restart in seconds, with Planet up and running. This works even when the computer has been shut down.