Now I have an emacs.exe (emacs-26.3-x86_64-no-deps, from the official Gnu download location) that is 30 MB in size instead of 132 MB :) And, it still seems
to work.

For the benefit of those who have no means to strip their own exe, I uploaded my 26.3 version with a small explanation, here:

https://github.com/mathiasdahl/misc-emacs-stuff

/Mathias