The most valuable thing here is the renormalization on multiply, but even that's not actually much.

Take the Analog Devices Blackfin range, if you want fixed point, which you're welcome to, they want you to use 1.15, so that's a 16-bit two's complement value between -32768/32768 and +32767/32768. Additions and subtractions are the same as integer maths, we're adding fractions but the adder doesn't care.

For the multiply, we're doing the same operation, 16-bit x 16-bit = 32-bit, but we can shift away the left bit and then snap off the bottom 16-bits to get another 1.15 fixed point value.

If you want this sort of fixed point type, lack of "hardware support" is not what's holding you back, nothing remotely modern would struggle to perform that shift operation on general purpose hardware.