Yes, for fancy upscaling or applying pixel shader effects like CRT filters, doing the final pass on the GPU definitely makes sense. This would no longer be a "minimal" library though.
Window system composers should also be able to upscale bitmaps on their own though, and nothing prevents them to use the GPU for this.
If you had a frame buffer for the actual screen and you tried to do even a 1 to 2x2 expansion on the CPU's time, that'd have to be a serious speed hit. Presumably GPU hardware can do that sort of thing.