I am not sure if that the reason. I have Nvidia GeForce 970 GTX which was release in 2014 so. It work just fine for me
You'd be surprised. MwM will run on
most older hardware, but that's not always the gold standard. YMMV...
I have an old dual-core Intel system with an Intel graphics chipset (shared memory) with 2GB RAM installed and both MotH and MwM run fine on it, albeit really slow. Some older hardware can run it, some can't.
I've also ran into cases where MwM won't display the graphics or the animation (can't remember which of the two, actually) on a system running Windows 8.1, though that's not the case in this situation.
If the driver update, moving the folder to a shorter path and installing the VC++ runtimes didn't help, then there's not much that can be done aside from a hardware upgrade. One of the three suggestions usually work for most.