My 2-year old Lenovo Yoga is perfectly capable of doing what you want with an i5, 8Gb of RAM, and 1Tb of storage (the latter two were an upgrade from original spec). Whilst the Yoga isn’t a budget option, the basic spec of i5 & the RAM should be possible to achieve on a budget with other makes/models. The storage, really depends on how much you want to store locally.
As for what it can do, well mine has CS5 Master Collection on it, an Ubuntu server running inside Hyper-V, I just updated it to Win10, most modern browsers, and all sorts of other utilities.
So for me, if you can run to a current version i5 based device, with the RAM, I’d think you were good to go for a long time.