Text rendering is basically just blitting cached glyph bitmaps into a buffer, and CPUs have been more than overly fast doing that for eons. And CPU rendering has none of the compatibility problems/quirks that GPUs have. I can fire up a Gnome Terminal onto an unaccelerated Vesa X11 display if my graphics card doesn't work or I haven't configured it yet.
For better responsivity I suppose a terminal that behaves like mosh would be a good approach. It would maintain the tty state in memory and only render the latest view, dropping the rendering of any intermediate diffs in the buffer. I would guess most terminal emulators do work like that these days but I haven't checked.