Technically not. It can run it. Was slow? Yes, but my Am386DX40 keep working fine from 1991 to 1996. Running DR-DOS 6, MS-DOS 6.11, Windows 3.1 and finally Windows 95. And, of course, I could play DooM 2 on it. At some point, I got a math copro. Finally, my father upgraded the machine with an AMD 486DX5 133MHz.
It was two generations old at that time but still a lot of fun: it could run a lot of games (incl. DOOM, of course), programming (largely Turbo Pascal 7), and some word processing under Windows 3.11.
I didn't bother with Win95, though.
I've been using it up until 1999, when I finally got a then-modern computer with Windows 98. But in some ways MS-DOS felt more capable - I really knew what each file is for, what computer is doing, etc. I.e. the entire machine is fully comprehensible. You really don't get it with Windows unless you're Russinovich or something.
So in a way 386 was a peak computer for me
Eh... I think the Linux kernel + your choice of libc/userland has it beat these days.
On portability on compilers, plan9/9front it's unbeatable. Do you now Go compiling from any OS to any arch? The same here, but just for an OS obviously. Albeit I can still run Golang under i386, and tools like Rclone under 9front i386. That's really cool.
Driver support for a niche SoC? Good luck getting NetBSD on before Linux. The sheer amount of SoCs supported by the Linux kernel dwarfs anything NetBSD has to offer.
Like sure, it runs on my VAX, my Sun4/75, and my Alpha box, but it doesn't run on my POWER9 workstation nor does it run my Amlogic A311D ARM device (at least in a usable capacity), and I couldn't even get i.MX 8M running. I didn't try super hard, to be fair, but why would I burn cycles getting an OS with less peripheral support running when Linux "just works"?
My experience with Linux on a Sun Sparcstation 20 circa 2000 was that it was slow as hell compared to Net or OpenBSD.