Nicolas I came to the same conclusion. To compensate the slow CPU I should load as much as possible to the RAM. But where is it, when the total is only 512 MB? Still the fact that a full LEMP and Moodle runs on a RPi Zero W - I find amazing.
Note that I am talking about my hand-made imitation of the MB mentioned earlier. When adding content and design, etc. I insert the SD in to a RPi 400 and connect through the Ethernet.
I know, this is a one-way road. As you reminded, from 4.2 onward Moodle requres 64 bit PHP. But the Zero W is hugely practical, it runs from the USB power of my laptop! A power bank would last days, I have the feeling.