Yeah, but it depends on what you are doing with it. For example, as a simple music server as some have described, an 8 GB 2014 Mac mini would be totally fine.I think the problem is that those slow devices eat a few seconds here and there all the time. You waste your life with slower hardware where time is more important than the expense of getting a replacement.
For my business app usage it was also OK, because I was just using Safari (up to 5 tabs), Mail, Messages, Word, Calendar, and a VPN and stuff like that. Even if there were a couple of seconds missing here and there, it wasn't a big deal since most of the time, the machine mostly just idle anyway when I'm using these apps. It takes me longer to type in Word than it does for the CPU to bog down. I suspect the main problem for me though was that it was an 8 GB machine. I believe most of the pauses were due to disk swapping. I found that if I was just using a few apps it was fine, as the swap would remain small. However, if I was actively more heavily multi-tasking, my swap would grow to over 2 GB, and that's when I'd notice the pauses. The total time lost would only be say a minute or two a day, but it just got annoying after a while, so I upgraded to an M1 Mac mini with 16 GB RAM.
We had three machines in a similar performance class, all three on Monterey:
8 GB 2014 Mac mini with Haswell 2.6 GHz dual-core i5-4278U
8 GB 2017 13" MacBook Air with Broadwell 1.8 GHz dual-core i5-5350U
8 GB 2015 13" MacBook Pro with Broadwell 2.7 GHz dual-core i5-5257U
My wife still uses that 8 GB 2017 13" MacBook Air and it's fine for what she does... except for one thing, and that is viewing some videos for some of our kids' activities. They are sometimes sent to us in h.265 HEVC format, which the Broadwell i5 does not support in hardware, so playback is just a slideshow. In fact, this is the main reason I am buying an M4 MacBook Air for her this year. I thought about getting a discounted 16/256 GB M2 MacBook Air, but I'll just wait for the Back-To-School sale instead which will bring the cost of the 16/256 M4 much closer. And since we're talking about video playback, the M4 has the bonus of adding hardware AV1 playback as well. However, the main reason for getting the M4 instead of the M2 is just because the M4 will get a few more years of macOS updates than the M2 will going forward.
My daughter is still using her 8 GB 2015 13" MacBook Pro. She hasn't needed HEVC playback on that machine so it's been fine for her. Most of her schoolwork is in the cloud and browser based or lightweight app based, so that old i5 is sufficient for now. Also, when I bought it used in 2021, the battery was nearly brand new, so it still has a lot of life left in it. I'll probably get her an M5 or M6 MacBook Air though.