I’ve reformatted and reinstalled the OS many times over the years, so I can do that again but I’m thinking I’ll get diminishing returns. Like most of us here, I run a lot of CPU and memory-intensive apps. Lately it’s been more sluggish, it won’t run Big Sur, and I’ve started doing video editing projects using Premiere Pro.
I’m still using a mid-2012 Macbook Pro (bought it used, upgraded it over time) and it’s been fine for years.