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> Is there some operating environment I'm not aware of?

The answer to this question is always yes. In this case for example: plenty of old control devices in industrial settings are still operating and use this bitrate.

This is a WikiWikiWeb article (https://en.wikipedia.org/wiki/WikiWikiWeb), that has been running since 1995 and was frozen in 2014.

I was perfectly happy using Emacs over a 2400 baud modem, on a fully-functional terminal (VT420 or Telix in DOS). But of course, Emacs' terminal display code is/was so heavily optimized as to be incomprehensible.