Word would start in less than a second (not sure which version it was), and most features we use today were available. Adobe Photoshop 3.0 would start in less than 3 seconds, and same with Premiere 1.0.
Of course you lacked some memory protection features which could make the whole computer crash because of a single program failure, but daily experience was much better on old systems. They felt way faster because they have less input lag and because UI was less bloated.
I'm not saying 1990s computer and software were better, but they were way faster than what we use today.