Monterey on MacBook Air 2017

I've installed Monterey on a 2015 MB Air with similar or lower specs to yours and it is performing well. I've not noticed it being slow. My 2015 iMac is also doing well with Monterey.

As you would seem to be upgrading from Mojave be aware that Monterey is a 64 bit OS and you will lose your 32 bit applications.

An easy way is to use System Information, which can be accessed from About this Mac > System Report > Software > Applications.

This presents several columns which can be used as the ordering element. If you click on the 64 Bit label it will order it in the two categories yes and no.

It was interesting when I went to that list in my iMac (with Monterey) and I forgot that it didn't have that category - as all the applications are 64 bit, so to refresh my memory I dusted off an old notebook and fired it up.

You'll need replacements for the 32 bit software - the No entries in the list - and these ought to be the applications you did not acquire from the App store. Some you might retire, others ought to have been updated by now and some will have alternatives.

Hello.

This article may help: https://www.macworld.com/article/232735/how-to-check-if-mac-software-is-32-or-64-bit.html