Airs Adventure is a RPG developed by Game Studio in 1995 / 1996 for the Saturn. The game use a mix of pre-rendered characters and polygon backgrounds: even if the game is not that good, it has an interesting look at least. Celine was able to find an old news about this game (from Cd Consoles magazine #8), when it was still called “Sega Adventure”, in which they show a pre-rendered dragon that probably looks much better than anything in the final game.
We can assume that this shot was took from a tech demo or a target render. You can compare the scan with the video below, from the final version of the game.
Thanks to Celine for the contribution!