Of course the CPU, RAM and GPU of, say, a 2011 mac are slower than those in a 2018 mac, that is obvious.
Maybe that mac can’t do Photoshop or use the most recent Final Cut Pro’s newest features. That is perfectly normal and I was not implying otherwise.
What I am saying is that if that mac (from 2009, say) is beachballing all the time in normal things, then IO is the bottleneck. In my home there are two MBP, one from 2010 and one from 2011 and they work fine with High Sierra, using Safari, Mail, Word, Excel, TeXShop, Preview.
macOS uses the system drive a lot, and not just for booting and launching applications; virtual memory, swap space, sleepimage all use the system drive and a slow drive with anything since 10.9 Mavericks is a PITA. Just replacing the HD with an SSD changes the *responsiveness* of an old mac tremendously. Been there, done that many times with different macs over the years.
Those macs were slow and beachballing all the time with their original HD, because for those things - those very common things that use disk IO are what cause beachballing. An SSD take a mac you’d throw away and can give a few more years of usefulness. Responsiveness, not speed, is what I’m talking about.