Is wordpress the best host for this setup?
You can use any hosting that supports 1-click WordPress installation, not necessarily the default WordPress.com one. I recommend choosing a managed WordPress hosting based on VPS (instead of shared hosting), you can check comparisons like this one 12 Best WordPress Hosting Compared (August 2022 Edition)
Would you please also advise the specs of VPS? how many cores, bandwidth, etc.
thanks in advance
There’s no required minimum if the hosting provider advertises WordPress support (e.g. we use a basic $5 plan from DigitalOcean but it requires at least basic developer skills to setup, it’s a hosting for developers). In any case, it’s important to select a hosting that will allow easy scaling if you get more traffic and some performance issues occur, a VPS hosting with SSD is the best choice.