That’s pretty much my ThinkPad’s Specs. Fine for almost all stuff I have to do on the go (expect CAD, don’t try to run BricsCAD on the thing, it’ll make you go crazy.)
I use full disk encryption on it, as on all my other devices, and it’s fine, speed-wise. The SSD is NVME, not SATA, but I doubt the performance impact would be noticeable on a SATA SSD if that’s what you’ve got.
Full disk encryption always seemed the most sensible to me, but I’m not sure whether that needs to be decrypted after hibernation.