Yup! That's how most people run Headway right now. You can probably get by with around 2GB of RAM for a medium-sized metro, possibly even less.
Also for full-planet requirements, the OVH box running maps.earth has 64GB of RAM and 6 physical cores and is really struggling right now. Load average is about 40, most its CPU time is spent on the Valhalla service. Really enjoying watching the metrics right now :)