Yea, but a FM Towns WAS a 386, just with standard sound and video hardware (as opposed to PCs which could have all sorts of varied knick knacks in there). It still ran a stripped down version of DOS and a specialized GUI (based on DOS). Its main benefit was from being a more standardized platform, not from any major technical marvels.
For reference, the Tandy that you owned in the early 90s was already being rendered obsolete by the 486SX (or SLC if you got hosed with a Cyrix chip
) and soon after the DX (with integrated FPU! TAKE THAT, DOOM!) and games like Strike Commander, X Wing, Doom, and Indycar Racing were showing just what could be done on PCs.