...but PC hardware speeds haven't gone up by a factor of 5-10x in 10 years like they did from 1995 to 2005 where we went from a 120mHz to 400mHz to a 1.6gHz processor in a decade.
That is not entirely accurate. Clock speeds don't say much about capacity/performance anymore. It's like talking about a cars speed when you actually want to know how much stuff it can move per hour between point A and B.
If we look at an AMD 1800X from 2017 and an AMD 7800X3D, there is still improvement in a 6 year period, but if you compare it to an AMD 7950X3D, single core performance doubles in six years and multicore performance quadruples in six years. Depending on Benchmark of course. These days there are just bigger/heavier CPUs available then compared back in the day. And comparing like for like becomes more and more difficult, what do you compare? Cores? Price? Powerusage?
My new AMD 4800u, a low power CPU runs circles around the 7 year Intel i7-5820K, a desktop CPU with less cores. The low power CPU also uses WAY less power, while being way faster.
And we're not even looking at comparisons of comparing 10 year old Intel laptop CPUs vs Apple M1/2/3/4.
And when we look at GPUs, the integrated graphics of my 4800u is about half the speed of my dedicated 7 year old GTX970 and using only a fraction of the power, that is pretty insane. And in the last 4 years integrated graphics have improved even further!
And while CPUs/GPUs keep getting faster, the big difference is that we don't
really need that additional power anymore. Unless you have unreasonable demands... Like the latest AAA at 4k Ultra @120fps... Most people don't need that at all! We've reached a certain performance threshold many years ago.
Issues what most people run into is either RAM, storage or they bought the cheapest (clunker) PC they could find 10 years ago and expect a clunker to perform for decades. RAM and storage you can often fix, but doing that with new components on a 10 year old machines can often be way more expensive then new hardware (depending on the RAM pricing cyclus). The question is also, can you add/replace components? Another question is software support. You shouldn't Run W7 anymore, W10 is EOL next year, after that don't run W10 either. Don't like W11, go for MacOS or Linux.
Sidenote: A Jeep is not a type of car the average consumer drives. How old your car is also depends on things like how much you can do yourself, how much you value your time, available resources. The average consumer doesn't fix it's own cars, doesn't have access to a garage and the right tools and then car maintenance becomes expensive fast on old cars when you need to pay someone else to do that... The same goes for maintaining old computers, having someone else replace the RAM or reinstalling the OS is a lot more expensive then doing it yourself...