I don’t think so. Open source hardware only specifies what the hardware can do in terms of instructions, not in which quality in terms of speed or energy efficiency.
Producing high-quality hardware would still mean that you need the means of production and that will still be the same few people as now.
It would mean tho that the firmware and drivers will be open source.
how much storage space would one need on average if you are a hobbyist self-hoster? If I make my own server and, say, it gets a bit popular with thousands or tens of thousands people, all posting text, images and even videos all day, I imagine I will soon run out of places where to put all my hard drives, not to mention the electricity bill…