It was really the 386 that was the beginning of modern computing, since it had a mmu.
https://flint.cs.yale.edu/feng/cos/resources/BIOS/procModes....
While emulating an FPU results in a huge performance penalty, it is only required in certain domains. In the world of IBM PCs, it was also possible to upgrade your system with an FPU after the fact. I don't recall seeing this option for IBM compatibles. While I have seen socketed MMUs on other systems, I don't know whether they were intended as upgrade options.