The few industries that push computing out of need would suffer. Certain kinds of research, 3D modeling.
But most of what we use computers for in offices and our day-to-day should work about as well on slightly beefed up (say, dual or quad CPU) typical early ‘90s gear.
We’re using 30 years of hardware advancements to run JavaScript instead of doing new, helpful stuff. 30 years of hardware development to let businesses save a little on software development while pushing a significant multiple larger than that cost onto users.