Haven't tried PEQ, but you'll likely want the new Pi Zero 2W, which is much faster than the original, with quad-core processor. Apparently
CamillaDSP will run fine on the old Pi 2 and Pi 3. The Zero 2W has roughly the same processing power as a Pi 3. It is still limited to 512K of RAM, which may or may not be a limiting factor for this use case.
Note that you will be limited to AirPlay 1 using open source software, as well.