specs looks ok, I have a laptop with same cpu, an older intel HD card and less ram running Ubuntu 20.04 and I don't experience any lag.
For local files, configure vlc to use vaapi for hardware accelerated decoding (Tools > Input & codecs, choose vaapi from the drop down window for hardware-accelerated decoding)
You can run top in the terminal (open a terminal and type top) when you play a Youtube video and look at the cpu usage. It may also depend on your connection.
You can configure Firefox or Chrome to use hardware acceleration but won't work on Youtube videos because google encodes videos with v8/v9 codecs, there is an extension (available for Chrome and Firefox) called
h264ify which forces the videos to be played in h264 for which hardware acceleration does work.
Also you can upgrade your graphic driver
https://launchpad.net/~kisak/+archive/ubuntu/kisak-mesa
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