I've been running custom Android ROMs for years on multiple phones. It has brought me modern features and better performance than the vendor's ROM.

It's complicated with Android due to closed-source drivers, someone needs to create an installer for the specific phone model. The installation process is also more complicated than installing a new OS on a PC, but it's perfectly doable if you can follow written instructions. I recommend checking your phone's forum on XDA, you'll see what the community made.