My vastly less powerful Manjaro arm Laptop with the same setup idles at 160MB.
Most of the RAM seems to be used by systemd btw.
memory was basically a non-issue unless i was trying to compile a large package, i don't recall the precise baseline it had after boot but it was probably around 12-25%
I can get a fully functionable desktop with GUI apps, generic hardware support (i.e. not locked down to my hardware), support for dynamic modules/drivers/libraries, audio, 3d-accelerated video, and more in a 300 MiB footprint (with only basic iso image compression) and runnable with 128 MiB of RAM.
Then comes in the last part of your statement: "do some very basic web browsing." The system above works just fine with a browser featuring < 201x tech, with great CSS, JS, HTML support. But if I need to build and bundle the latest Firefox, Chrome, or whatever without manually stripping out a ton of features (beyond what is available via distro package managers), that footprint triples or quadruples in size and the memory requirements skyrocket.