From what I can tell, people have supposedly run LLMs on it with not great, but not necessarily horrible results; Certainly has to be better than those clickbait posts about people running llama on Windows 98.
A lot of budget desktops from the past decade can at least match, if not significantly outclass a Raspberry Pi 5. Heck, that barely beats my i5 from 2009, and the performance of CPUs has increased significantly since then.
Then again, I'm not particular interested in gen ML, self-hosted or not, so I don't really care.