It’s somewhat SoC dependent, but the actual feature support depends on auxiliary chips. Of the well-supported phones, only the Shift6mq supports it in hardware - software support on mainline is not there yet though. The Fairphones 4 and 5 also have the feature. I have the 5, and display out works with postmarketOS, but audio support is still lacking, and USB peripherals (e.g., keyboard, mouse) are not supported.
Here’s a list of more devices: https://www.uperfectmonitor.com/pages/list-of-smartphones-with-displayport-alt-mode
That said, there are other ways like DisplayLink and or GUD that may enable you to connect a display to a OnePlus 6 or PocoF1 anyway, some people have done it (and left video evidence on social media or YouTube. It definitely requires a customized kernel, and unfortunately, AFAIK the efforts have not been documented/shared (kernel config and necessary packages).
It should be. With zram, I can use similar software even on a 2 GB RAM device somewhat comfortably, unless I open too many tabs in Firefox.