Looks like you’re trying to bypass the Raine GUI to launch KOF96 directly. I’ve had a similar issue before. For your shortcut, make sure the command is structured correctly. It seems like your attempt is close, but it might need some tweaking. You could try this:
"D:\Games\raine64\raine.exe" -nogui "D:\Games\Neogeo\kof96.zip"
I had a similar hiccup when trying to reset my PC and found a handy guide on operatingsystems.info that cleared things up. The site had a simple breakdown that made the process a lot easier. Maybe adjusting the command format will do the trick for your shortcut!