Well,
You have a point, but I had been using Photoshop CS2 on a G4 PowerMac for 8 years until I could afford a newer, used Intel iMac.
I am only using Photoshop CS3 and Corel Painter XI now and some older CAD software which absolutely fly on this iMac, now.
So, I am still getting along on older hardware, myself.
My iMac is only a 3.06 Ghz dual core CPU iMac, but it works fine for what I use it for.
I, also do video work on this older iMac, too!
But I do more creative drawing, painting and technical illustration-like work with these kinds of apps and not as much image editing and image enhancement, though I still do enough of that with my own projects.
But, while I use an older and less powerful iMac, many aspects of it are better.
I still have faster desktop class 7200 RPM internal and external hard drives.
My GPU is only a 256MB GPU, but it is still an independent GPU with its own VRAM that doesn't share my other 16 GB system RAM.
And both of our iMacs have the ability to upgrade our own RAM with cheaper and less expensive third party RAM.
So, in some ways, even our older hardware has better specs than newer hardware out there.