Yes, it will run and shouldn't slow down just because state can no longer fit in RAM.
That switching I was writing about is on a new node, after replaying in memory. It doesn't fit, so it has to use swap, a lot, thus it takes that much time.
Decentralization itself isn't a value, it need to have a purpose. If you run service that makes use of Steem node, now it will be much cheaper for you to have own node.