Sure, but "most people" is a low bar : "most people" probably can't even afford a computer with a dedicated graphics card either : the median per-capita household income is only $2,920 per year.

As for most people with a less than a decade old dedicated graphics card : I actually do believe that WiFi is a limiting factor for Internet speed.

Internet speed is irrelevant

Packet drops and ping spikes are the problem

Packet drops are not entirely separable from speed. One reason packets get dropped is congestion, and speed obviously helps with congestion, since it is an important determiner of capacity.

But, indeed, the speed of an uncongested hop is irrelevant, in that it could slower by some factor, yet without it making a difference to the packet loss.