For basic word processing on a terminal, that is fast enough to support potentially dozens of simultaneous users. There were a number of software packages in the 1980s that would run a virtual machine interpreter, providing a multitasking multiuser environment with integrated high level languages, databases, office applications, etc. on 8-bit microprocessor hardware. Also plenty fast for a print server or similar, at that time. But, on the other hand, the 64 KB address space isn't really enough to fit even a basic optimizing compiler.
Those things didn't compete with a Cray, they competed with a filing cabinet, desk top calculator and typewriter.