Depending on what you need to do, some old Macs can still get the job done.
Yeah, but as I pointed out at some computer management conferences, a computer is an electromagnetic device, and so, at some point, it WILL fail. Planning for this eventuality requires considering all available alternatives - hardware and software. OS and data recovery are extremely important to me.
And, the problem with older devices is that they use older operating systems. I spent over 20 years in computer disaster recovery (DR), and more than once I found instances of where a customer got themselves stranded - newer versions of an OS would not run on their older equipment, and they were not recoverable even in a mainframe VM environment because the old hardware goes out of support and then the DR supplier has to purchase new equipment, on which the customer is unable to recover. In such cases, the customer not only has to upgrade his hardware, but his software and apps as well.
I'm running two Mac minis curently, one mid-2010 running EL Cap and one mid-2014 running Catalina, so I'm already doing what you suggest. The way things look right now, I won't be going to Big Sur or its new sibling that was announced at WWDC any time soon (I forgot what the new macOS is called because I won't be going to it).