APIs in a B2B style would likely be much more prevalent, less advertising (yay!) and less money in the internet so more like the original internet I guess.
The original Macintosh had similar specs as well – 128k with a 68k clocked at ~6-7 MHz. It helps that both platforms put a significant amount of OS code in ROM.
https://www.symbos.org/shots.htm
This is what slow computers with a few hundred kB of RAM can do.