I can't be sure that buying a new GPU will solve the problem so that is
at your own risk and expense... But such a new(er) GPU does support
Nvidia's latest drivers. In fact I've been using a GT 1030 in recent
months for my own Nvidia-related work in Ubuntu 20.10. And that card is
roughly 7x more powerful than your current one. But I can't predict the
future and can't guarantee you won't face new problems or the same
problems.

I've just logged on again (it's Friday night here) to see what recent
Ubuntu updates might have caused this issue... It can't be nvidia-
graphics-drivers-340 because that's never changed. So perhaps it was a
kernel update or xorg-server update. To test this properly, without
buying anything, I suggest reinstalling Ubuntu with networking
*disabled*, but the 3rd part components option *enabled*. That will give
you a fresh Ubuntu system without any updates installed, and hopefully
with nvidia-340 installed right from the beginning (it's included in the
Ubuntu installer). If that works then we can figure out more easily what
software updates (if any) have caused the problem.

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https://bugs.launchpad.net/bugs/1889541

Title:
  Booting Ubuntu with Nvidia-340 gets stuck on a plain purple screen

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