Yes...you could run CLI apps just fine on TTL machines. I have a DEC VAX-11/730, which is TTL+2901 Bit slice (so not
all 7400) going at about 1/3 MIPS. Runs BSD 4.3 and is on ethernet, and I can develop software (C/C++), chat (IRC), gopher, games (nethack) and even HTML web (lynx). But crypto (TLS) is rough, and things like streaming media and modern web are right out. And it uses a couple of times more power than my dryer does...not very environmentally friendly.
But practically, the limits of a 74xx series in creating a 'modern feature' (like, 32-bit) CPU are manifold. Assuming DIP chips, it would pack an average of 4 logic gates in about 1 sq inch (hand-waving a bit, and including board space). A Cortex-M0 has approx 12,000 gates [1]. So it would be huge. Assuming LS logic, each chip would draw about 4.5mA peak, so about 13.5 amps peak. So it would use a lot of power. Propagation delay (maybe 10ns per gate in LS) means it will be much slower than integrated logic...perhaps a couple of orders of magnitude slower than an M0.
There are mitigations. You could use SMT packages and pack more on a board. You could use a more power-efficient logic family than LS (e.g. ALVT or some CMOS family). Or go for faster logic at the cost of power. But you're never going to get within an order of magnitude or 3 of the speed+efficiencies of a monolithic chip.
There are a number of homebrew TTL CPUs out there for comparison. Most are 4- or 8-bit.
[1] https://www.electronicsweekly.com/news/products/micros/arms-...