I have a similar piece of hardware but 256 GB instead of a terabyte of RAM, and that is what I do. It has come in incredibly convenient to be able to spin up VMs as needed. I started creating different VMs for purposes. I would have normally just used the same host for, and have really enjoyed it.
I also run about a dozen personal services on there, such as audio bookshelf, archive box, jellyfin, navidrome, and more. Surprisingly, the archive box instance uses quite a bit of memory and CPU, so the box does get a fair amount of exercise. I have not looked very closely, but I believe archive box is using that memory and compute mainly for running headless Chrome. I have a browser extension installed that archives nearly every page I visit automatically, so especially during busy browsing times, I keep that thing running pretty hot.
In the past I set up a self-hosted openshift instance on it, spread across six VMs. I actually loved that and the only reason I'm no longer running it is because I broke it by messing around with risky and dangerous things that no sane person should ever do, and then did not want to dedicate the time to rebuild it. Someday I will recreate it again.
Whatever you decide to do with it, this is a really awesome problem to have!