I bought an i7 2.3gHz and ran Yosemite in stock form for a while, then upgraded the RAM to 8gb and the main drive to a 512gb SSD.
The initial download/install was horrible. I got nothing but pinwheels. I decided that something must have gone wrong with the installation, so I erased the disk and reinstalled via internet recover. It ran fine, and the pinwheeling was basically gone. 4gb of RAM really wasn't a problem.
After the RAM and SSD upgrade I did another internet recovery installation and subjectively it runs about the same, other than startup and loading programs being very noticeably faster, which is just going from a platter drive to an SSD.
So my answer is yes, Yosemite runs fine on a 2012 Mini.