I built a dual Xeon workstation and Quadro FX 3800 back in the day for 3D animation. The card was very good performance wise and met the OpenGL standards needed for 3D animation packages. I did start seeing how new graphics cards and computer systems became faster at rendering video (real time 3D visualization improvements took longer). From what I can glean, the main issue with that card now is that it can't support any current standard (apparently people are recommending you have a graphics card 4 years or less for GPU acceleration with PS 2022). You might need that if you want HDR output, running certain filters, or doing some exports. Depends on how large your photo files area and your workflow. The requirements say a GPU with DirectX 12 support. NVidia's site says GeForce 1060 and above support that.
Currently I do run PS 2022 on my current laptops (one Dell XPS with GeForce 3060 and another MacBook Pro). They are more expensive than your budget, so can't talk from personal experience about a budget setup. However, over a year ago I was running Adobe CC on a work laptop that just has a i7 processor with no dedicated GPU, and 8GB of RAM. I was surprised that I could actually edit photos and do some HD video work (certainly would save heavier 2D graphics and 4K video for something more "workstation" class).

