Datapoint: I upgraded a min-2012 MacBook Pro to Monterey using this approach and it performs reasonably well for basic use. I also swapped the hdd for an ssd and maxed the memory to 16gb.
PS - the mid-2012 is now a backup, so is still useful.
I reinstalled thr os from clean when I swapped-out the storage, so unfortunately I can't comment on the upgrade path.
The machine periodically prompts me to upgrade to Ventura - which I keep declining as Monterrey is fine for my purposes[1] at the moment - so it's obviously happy to do an upgrade.
[1] Running Visual Studio for Mac to build .net apps for MacOS