While I don't use "budget hardware", I am sure L490 is not much slower than the same gen Thinkpad X1 Carbon — though I actually use even previous gen with i5-7200u.
If you are mandated to use Windows, exploring an approach using WSL (Windows Subsystem for Linux) should improve things a bit. Or make sure VMware is passing through (instead of emulating) most of the stuff.
Modern software development is further slowed down by the devops approach where you develop using the "same" (but never really the same) dockerised setup as the deployed production. So you get a 10s unit test runtime for a 15ms unit test.
I am never sure why developers accepted this, but in all the jobs I've been, I only felt as if I was the only one frustrated with this.
If nobody else feels the same frustration you do, don't be surprised: others just take it for granted, but it is NOT a hardware issue.
In addition giving developers the same hardware and permissions as business people who use word and is a big mistake.
Then run RubyMine from Windows.
Make a work directory on Ubuntu that has the same branch checked out as your Windows work directory.
Then set up RubyMine: Tools -> Deployment -> Configuration... and set up remote rsync with automatic update of remote files from Windows.
Any file you change on Windows will automatically sync to Linux. You only need a script running on Linux to live update/restart your app on file changes.
I do a version of this for Ruby/Rails development with a cloud VM instance from Mac RubyMine editing machine.
The alternative gamer-mentality of tightly coupled cpu, gpu, and storage with huge IO is quite costly.
That explains most if not all of the slowness if your configuration didn't come with an SSD.
Replacing a HDD with a SSD, as well as adding RAM, can do so much for performance, without even thinking about the CPU or GPU.
His problem is certainly Windows 11 and the virus scanner, not the laptop. on some of my work laptops you cannot do any meaningful work because of windows. even the WSL is 10x slower on simple magit rebases. build times are 1-4 hours.
Alternatively since it has USB 3.1, get a SanDisk Extreme Pro Portable SSD, install an OS of your choice, and boot from it, assuming the BIOS isn't locked.
Don't be a jackass. Discuss this stuff with your IT department.
