All computers hit a wall eventually - be they Apple or Windows - and more often than not, its the OS manufacturer that adds 'features' that simply require more horsepower than the computer has. It doesn't necessarily make it a better OS, but it is a way to force users to upgrade. This noted on an Apple more often than a Windows I believe because the hardware seems to last longer - and the initial price encourages users to hold onto their computers longer.
Earlier this year, I purchased a M2 Mini for home / SOHO use (so runnning Ventura on that), while I held onto my 2017 Mac Air for work travel. Its trade-in value is laughable with Apple - so little point in making that part of the M2's purchase - while it still has every useful port I need built-in when travelling (and I use a micro-SD with an adapter in the SD slot for its Time Machine). Like yours, it's running Monterey (with the latest security updates) - and as long as it continues to run the software I use, I'm good with that. I also recently had the battery replaced, so, subject to other hardware issues, it should be good to go for another 6 years!
(BTW - always computer-ambidextrous, my default was Windows until Win8 finally chased me to Mac full time. At the time I was also upgrading my Windows laptop every couple of years to keep up with the OS and sometimes questionable build quality of the hardware. Over the last couple of years I've had times when I have been working elsewhere on Win 10 / 11 machines, and I gotta tell you, I think Microsoft has lost its way with the OS. IMHO, they're moving away from a any vestige of a business machine and seem more preoccupied with media (several apps seemingly doing the same thing, but not replacing older versions), gaming and Android. Also, its easy to discover that behind the pretty Win 11 GUI, there's an awful lot of stuff that looks / behaves like it did when I had Win 7 (and WinME and NT, if it comes to that). It needs a complete purge and rewrite. And yes, the same could be said for MacOS, but still....)