Maybe, but also If developers are forced to use slow machines to develop, then they’re less likely to build. Full stop.
I'm actually in this situation right now. I develop a web application for event management. In some cases it's being used on older Chromebooks, where speed is, well, not there. While I'm testing on Chromebooks, I'm definitely not building my front end bundle on one. The faster machine I'm on, the faster I can iterate on building fast data tables, making intelligent choices about asset loading, etc.
So yeah, I think something like the Network Conditioner prefpane should exist to simulate a slow CPU for testing (does something like this exist?). But I very much enjoy my fast dev machine and I think it'll have the best overall outcome.