It may be, I'm not positive what my Chromebook specs are. I know the droplet has more disk space. I use TACE[0] style development so I don't need a powerful machine.
The Chromebook in the post has two 1.1GHz Atom cores^, so a $5 VPS even if it is only 1 hardware thread on a modern-ish server processor is probably significantly faster.
^It can boost higher, but probably not for long with a 6W TDP and no active cooling