This has been feasible and practical several times in the recent past. Serial terminals, Thin clients, X server thin clients, PC Anywhere, VNC, Windows Terminal Server, Citrix whatever it's called, Virtual Desktop Infrastructure, steam link, etc.

Office productivity applications have a lot looser latency requirements, and tend to change the screen less frequently than games too. But current solutions are capable of playing videos and some gaming.

Let's not forget that there are hacks like old mainframe apps that get accessed through web browsers where the web server is literally just a screen scraping wrapper around the legacy application. Inelegant? Fragile? Crappy to maintain? Yes. But it works.

You don't need to involve streaming, though that is an option. You could do like we used to do with some personal computers and just have an add-on board that ran some other arch and OS. Between that, virtualization, emulation, and WINE-like compat layers you should be able to run just about anything.