Yes, an SSD VPS with PHP and Python support is actually one of the most flexible setups you can use. Since you get full root access, you can install PHP-FPM, Python, frameworks like Django or Laravel, and configure everything exactly the way your project needs.
The big advantage is performance — SSD storage makes file operations and database queries much faster, which is important for dynamic apps. On top of that, VPS environments usually give you isolated CPU and RAM, so your PHP and Python workloads don’t interfere with other users.