Didn’t Windows XP (and prior) not render the window as it was dragged, but just a dashed box? And when you release the window, it’d be redrawn in the new spot.
In Windows 98, it's under the Control Panel → Display → Effects → Show window contents while dragging
https://copy.sh/v86/?profile=windows98
(The VM here is slower than a machine of the era.)
(I also want to say Transport Tycoon Deluxe's windows were draggable without needing a frame / in real time, and that was in DOS?)
If you saw the window tearing while being dragged, chances were installing an extra driver would make the user a lot happier.
Mind you, I can do real-time 1080p mp4 video scrubbing on haiku running on a thin client so...
CPUs are more than capable of rendering graphics needed for gestures like you mentioned.
That depends on the style of GUI. As soon as you introduce any amount of animation (even something as trivial as drag-and-drop, never mind touch-swipe or touch-zoom gestures), hardware acceleration can be quite useful.