Indeed, and this went on for a good 10 years - possibly more - I think. I remember being annoyed that my decently high end system, purchased at the beginning of 2000, could no longer run many of the latest games (in some cases not even coming close to minimum specs) by early- to mid-2002.
I really stretched myself to buy that system in the first place and couldn't afford to replace it for years. I bought a new system in 2004 and then didn't buy another until 2011 when I moved to laptops and bought a 17" Macbook Pro (by which time it too felt very obsolete, whereas that 2011 MBP would still be fine if its GPU hadn't desoldered itself in 2017).
Nowadays I run a 7 year old MBP that's still more than capable of handling everything I need. Biggest issue is the battery life is really starting to suffer.