Is there a general rule of thumb for site traffic? Like a "medium traffic site" gets X Hits, or whatever?
But this is orders of magnitude below what a Google or Espn or Amazon do. But orders of magnitude over what 1 PHP server can do. (But oddly enough, within the realm of possibility for a good Java or Go or Rust server)
I just ran a load test against WP yesterday and with a traffic load (from tsung cluster) peaking at 430 req/sec, it was easily served by 5 t2.micros running Varnish + WP (behind Apache no less) + memcached.
The load test included random search strings 50% of the time so half the tsung visitors were getting live service from Wordpress.
Nginx and PHP7.1-FPM will make it quite fast, even on a $5 DO server. Caching will speed it up quite a lot more, but you should always have your pages behind a cache, thats one of the points of a CMS is to generate you html that is stored until modification.
On anything short of a supercomputer you can get about ten requests per second with the stock setup and zero content/plugins. Adding anything to the site just makes that number worse.
My rule has become don't use WordPress for anything but html generation. It's not a serious CMS for anything else