Sure, but old computers managed to get things done with much lower resources. What really seems missing in old computers is memory.
You could make it work with Optane except oops that just got discontinued.
Just put a huge swap file on it.
https://wiki.archlinux.org/title/Improving_performance#zram_...
I think you significantly overestimate how much they can reduce latency for SSDs. Keep in mind, even a 80286 from 1982 had a memory latency in the 200ns range[1].
[1]: https://cacm.acm.org/magazines/2004/10/6401-latency-lags-ban... (view PDF, table 1)