We're at a stage right now where nearly all hardware from the last 2-3 years can handle just about anything at an acceptable level.
Hell, I'm running a Devils Lake I5 with a Nvidia 1070Ti from 4 years ago and am playing Red Dead Redemption 2 + Jedi: Fallen Order on high quality with no issues.
Yup, at least generally true. In reality, even enthusiast-level CPUs from 8 years ago (my i7-2600K, Sandy Bridge!) are very much up to the task for the vast majority of things. Now granted, this CPU is now throttling me in modern games, and if it's not entirely the CPU, it's also the whole platform itself. PCIe 2.0, for instance, might be limiting my 290x.
There are performance applications (and games) where modern CPUs are going to matter. Generally though now hardware refreshes are more due to generational and platform differences. A lot of non-SSD systems out there still, can clone and drop one in and most people will think it's a new computer because the daily general purpose business users test platform capabilities more than raw brute performance. But that won't include the latest solid state improvements and overall system design improvements, because drives can now be a stick flat on the motherboard, if you don't want a bulky system you don't need one, and I mean you can get some serious horsepower in a tiny package now.
Even nowadays it can be an eye-opening experience moving from SATA3 SSDs to NVMe, and of course the peripheral support can be just as crucial with the high-performance external drives and especially recent high speed SD cards (UHS speed levels) especially if limited to built-in components (any USB 3 card reader will get full speeds from *most* external storage even on the first USB 3.0 spec (which is what the few USB 3 ports I have on this PC are - brand new in the Sandy Bridge era, not even an Intel USB 3 chipset!) but that spec will not handle the top-end NVMe transfer rates, it can't even max out SATA 3, which is at 6 Gbps vs USB 3.0's 5 Gbps (same for the USB 3.1 Gen1 mode).
Upgrading for the platform specs tends to be the driver for most at this point, with gains in CPU performance almost incidental (almost).
And for the gamer, we can generally go with a couple GPU upgrades (depending on replacement rate).