Step 1: Simplify the expression inside the inverse sine.
Using the identity
\[
1-\cos2x=2\sin^2x,
\]
we get
\[
\frac{1-\cos2x}{1+\sin^4x}
=
\frac{2\sin^2x}{1+\sin^4x}.
\]
Again,
\[
1+\sin^4x
=
(\sin^2x)^2+1.
\]
Using the identity
\[
\sin2\theta
=
\frac{2\tan\theta}{1+\tan^2\theta},
\]
with
\[
\tan\theta=\sin^2x,
\]
we obtain
\[
\frac{2\sin^2x}{1+\sin^4x}
=
\sin\!\left(2\tan^{-1}(\sin^2x)\right).
\]
Hence,
\[
y
=
2\tan^{-1}(\sin^2x).
\]
Step 2: Differentiate.
Differentiating,
\[
\frac{dy}{dx}
=
2\cdot
\frac{1}{1+\sin^4x}
\cdot
\frac{d}{dx}(\sin^2x).
\]
Since
\[
\frac{d}{dx}(\sin^2x)
=
2\sin x\cos x
=
\sin2x,
\]
we obtain
\[
\boxed{
\frac{dy}{dx}
=
\frac{2\sin2x}{1+\sin^4x}.
}
\]
Hence, the correct option is \(\boxed{(B)}\).