The closest machine I own to yours is
lenovo thinkpad sl510 (c2d-t6570, 2gb, i915)
which is taken from my list of hardware used in Quality Assurance testing; where I list the make/model, CPU, RAM & graphics hardware… Whilst I list make/model somewhat for myself (so I can tell one box apart from another!), I list CPU and RAM as you do, but you don’t mention graphics hardware at all.
I do consider the graphics, esp. in regards kernel (or for LTS releases kernel stack)… As I do have hardware which will use 24.04 perfectly with the GA kernel stack, but it’s less fun with the newer kernels thus HWE kernel stack; esp. on the older hardware that I mostly use in QA.
The box I list does have Xubuntu installed on it; though it’s a multi-desktop install so it’ll have other desktop(s) & WMs installed as well (just something I like), and I decide which I’ll use at login time based on what apps I’ll use, to ensure the apps I’ll run will share (rather than fight) resources with the DE/WM I use… mine having a 250GB HDD (if I recall correctly), thus I don’t care about the multi-desktop install using an extra ~1GB of disk space - as its the RAM that is my limited resource.
My current Xubuntu install isn’t recent though I believe; the device isn’t one I use much anymore, as there is a black spot (I assume dead pixels) on the screen, and its got a lousy battery, so its rarely chosen for use, as I have other choices.
Due to the lack of RAM I do use it different to other boxes that have 4GB of RAM, which is still more careful than I’m using boxes with 8GB or more too. Before starting a program on that box, I quickly consider (mentally) what I have in RAM already (apps, libs/toolkits they use) and thus try and predict how the new app I want to start will go in regards RAM usage; but what I’m going here with Xubuntu/Lubuntu (or whatever DE/WM I’m using) is the same if I was using another OS (eg. Microsoft Windows, Apple MacOS etc) anyway. Outside of these mental guesses on performance I make, the performance is pretty much what I expect.
FYI: I expect the same with Ubuntu (or really the lighter flavors on that old box) as I do if using another GNU/Linux such as Debian… Whilst many will differ in their out of the box configuration; meaning largely what they install by default, plus some minor tweaks pre-made for you; I tend to discount those as I’ll adjust the box to make it work best for me anyway… and with that box it’s adjusting it for the very limited RAM starting from what apps I’ll need to use & working back from that point (not the base OS; but starting with the apps I need to use! then choose DE and/or WM, then maybe I can decide what OS can provide that)
I can’t remember any config changes I made with the current Xubuntu install; if I installed with calamares (used by Lubuntu and some other flavors) I’d have made swapfile changes post-install (increasing swap file size), but I don’t recall needing to do what with Xubuntu 22.04 LTS and its ubiquity installer; Xubuntu 24.04 LTS & later use ubuntu-desktop-installer which I’ve used many times on other even older hardware; most boxes I use have >2GB of RAM so swap is less critical.
My box has i915 which means the kernel stack (graphics) is less critical; but I do have other boxes of similar age where the graphics really matter & thus my needs will differ greatly; eg. older boxes that run better for me with 24.04 LTS when using the GA kernel stack (6.8), but not newer HWE stack… but you didn’t provide any graphics details. Xubuntu has released 4 ISOs of 24.04 thus far; 2 using the GA kernel stack, and 2 thus far using the HWE stack… whilst the latest HWE stack (6.14 kernel) is easy to find/download; the older ISOs are more difficult to find… though you can always install the later ISO & switch from HWE to GA via package changes if required. Graphics is something I’ve found I need to consider with older hardware.