Sega was offered the N64 chipset but they didn't like it so SGI went over to Nintendo. That hardware was pretty lame in the Sega showing from what I gather, and Nintendo got an improved version of it.
It was just a time of crazy change and nobody knew what was best of course.
Voodoo1 Saturn would have been cool but Voodoo1 is really 1996 hardware and uses 3x 64-bit memory buses and two big ASICs. It probably requires 4MB RAM for itself. Not exactly cheap. It would completely outclass N64 though. It has something like 3x the effective z-buffered fillrate at 50 MHz vs N64's RCP's 62.5 MHz. I think Riva 128 was the first to catch up to that (but was fugly). Fun times!
One thing to think about is the volume of saturn. Even if history didn't change for the better whatever company got a graphics chip into the saturn would have sold almost 10m units of it. That could have changed the landscape for a lot of small players. Perhaps Saturn with voodoo 1 could have brought in a more stable revenue stream for 3dfx and lead to them being in the dreamcast. Maybe video logic would have had more resources if it was in the saturn and would have lead to more competitive pc hardware and dreamcast hardware. Heck some of the smaller players like matrox could have stayed players in the field longer if they had a 10m unit chip order.
But who knows what would have happened. The voodoo 1 might have been to late for 94 but a 95 launch would have been viable i'd imagine with one of these companies. Also while the voodoo 1 launched with 4 megs of ram they could have used less in the saturn. Remember the Saturn in the USA launched at $300 while the saturn launched at $400
Another option that could have been really good for Sega was the Power VR PCX1 with released in 1996 but also was made in a partnership with NEC. It had 4MB and the core clock was 60mhz with ram at 60mhz with a fillrate of 60MPixels/MTexels. It's interesting to note because it also hit in 1996 and was a single chip design while the voodoo 1 was multiple chips
Also don't knock the riva 128 , it was my first video card and I loved it coming from a 386 sx lol