I don't think a Pi 4 would be fast enough to provide a enjoyable experience.
I just tested OpenMW on a Pinebook Pro (RK3399 SOC, should be slightly faster than a PI 4) and I do get like ~30-40 fps with lowest draw distance in Morrowind. Fallout 3 should be even slower due to far more and more detailed objects.
Half a decade is not much. My phone is a flagship from more than a half a decade ago and everything (except the GPS module - it usually takes minutes of standing still to hit enough satellites and knocks out the whole new battery in under half an hour) works perfectly fast.
I played Fallout 3 on a Core 2 Duo with Intel graphics. I used the lowest graphics settings possible (the display's native resolution though - 1440x900, not the minimum) but enjoyed. Is Raspberry Pi 4 supposed to be even slower?