I'll be the first to say "yes".
Years ago I installed it at the request/insistence of someone who had an early MacBook Air. If I recall correctly, there was a hard disk drive and 2 GB memory was its maximum. I probably gave 1 GB to the Windows 7 guest, and used a sparse bundle disk image for a little optimisation (within the constraints of rotational media and HFS Plus), but it was never great.
Yes, the user was forewarned that both operating systems would become slow. They did, and I lost count of the number of times that I suggested Boot Camp, but it never happened