I think it would be better if one has the discipline to just use older machines and play older games and only visit certain websites that can be visited on older version of browsers. A second-hand 16GB laptop can go a long way.
But yeah that probably sucks from time to time, especially for young people.
You can do a lot on old machines but developers also need to optimize a bit. Youtube almost plays on a 20-year-old machine, which means with some effort it'll play just fine. Most the other sites work just fine.
My laptop has 8 GB. I write blog posts, I have a dozen-ish tabs open, I do KiCAD things (including 3D renders!). Works great. I was doing Verilog synthesis on a similar machine in college in 2020.
The truth is that, if you do the same things you were doing with your computer 10 years ago, well then you don't need a new computer!
If all you do is write books, a Pentium III will do the job just as well as a brand new PC.
Of course, the web throws a wrench in this. Word 2003 is still far more capable than Google Docs, yet tons of people opt for the cloud slop because it's convenient and free-as-in-beer. And, Google Docs will continue to become less efficient with time.
But yeah that probably sucks from time to time, especially for young people.