1 or 2 GB of RAM? Yeah, that would've been the problem. Old CPUs can handle more than people think but there's absolutely no getting away from modern memory demands.
Yeah. 8GB of ram is pretty much the minimum usable amount these days. If you can get 8GB into an older machine (with an SSD), then it should work fine.
16 GB would be about 8-16x what the system I'm describing had.
How are you blacklisting sites? Pihole/DNS, or something within Firefox itself?