A 386 was a beast against a 286, a 16 bit CPU. It was the minimum to run Linux with 4MB of RAM, but a 486 with and FPU destroyed it and not just in FP performance.

Bear in mind that with an 386 you can barely decode an MP2 file, while with a 486 DX you can play most MP3 files at least in mono audio and maybe run Quake at the lowest settings if you own a 100 MHZ one. A 166MHZ Pentium can at least multitask a little while playing your favourite songs.

Also, under Linux, a 386 would manage itself relativelly well with just terminal and SVGAlib tools (now framebuffer) and 8MB of RAM. With a 486 and 16MB of RAM, you can run X at sane speeds, even FVWM in wireframe mode to avoid window repaintings upon moving/resizing them.

Next, TLS/SSL. WIth a 486 DX you can use dropbear/bearssl and even Dillo happily with just a light lag upong handhaking, good enough for TLS 1.2. Under a 486, a 30-35? year old CPU. IRC over TLS, SSH with RSA256 and the like methods, web browsing/Gemini under Dillo with TLS. Doable, I did it under VM, it worked, even email and NNTP over TLS with a LibreSSL fork against BearSSL.

With a 386 in order to keep your sanity you can have plain HTTP, IRC and Gopher and plain email/Usenet. No MP3 audio, where with a 486 you could at least read news over Gopher (even today) will multitasking if you forced yourself to a terminal environment (not as hard as it sounds).

If you emulate some old i440FX based PC under Qemu, switching between the 386 and 486 with -cpu flag gives the user clear results. Just set one with the Cirrus VGA and 16MB and you'll understand upong firing X.

This is a great old distro to test how well 386's and 486's behaved:

https://delicate-linux.net/

You could run Linux with 2MB of ram with kernels before 1994 AFIK and with a.out format of binaries instead of ELF.

Nowadays I think it's still doable in theory but Linux kernel have some kind of hard coded limit of 4MB (something to do with memory paging size).