Yes, it's likely that you would benefit by installing an external SSD and using that as your startup drive.
It also as likely that bumping the RAM wouldn't give much of a performance boost.
Before doing either of those things, you might run a diagnostic utility to see if it can be determined why your Mac may be underperforming. It could be anything from an unintentional malware installation to a hardware bottleneck or failure such as a split Fusion drive. Some things are fairly easy to fix.
Please run an EtreCheck evaluation of your Mac and post the generated report back here in a reply. EtreCheck is a safe and highly regarded utility from a trusted developer and respected ASC contributor. The diagnostic report will not include any personal info. It simply gathers specifics about hardware performance and installed software that might be in conflict with the OS.
Please navigate to EtreCheck.com and download the free version. Be sure to Allow Full Disk Access when you install the app. Once you’ve run the app and created your report please post it with your reply to this message.
Please note you must upload the full report. To see how, please click > How to use Add Text when posting… EtreCheck Report.
We’ll use your EtreCheck report to look for the things that may be causing your problem and advise how to correct them.