MediaWiki runs happily on shared hosting, and the things that go wrong are consistent enough to list. Search is the big one. Core search uses the database's own full-text index and is adequate for a few hundred pages, but CirrusSearch, the extension that gives Wikipedia-grade results, wants Elasticsearch 7.10.2 or OpenSearch 1.3 depending on your version, plus a Java runtime. That is not something a shared PHP account provides. If search quality is the reason you're self-hosting, budget for a managed cloud server, where Elasticsearch is included.
The job queue is next. Deferred work runs during web requests by default, so a wiki with heavy templates makes its readers pay for it. Put runJobs.php on cron instead. After that: uploads need a writable images directory and GD or ImageMagick for thumbnails, and the database grows with revisions rather than with pages, because every edit is kept. That's the feature, and it's also why a five-year-old wiki is bigger than it looks.
Choose something else if what you want is five people editing a document together with a visual editor and no markup to learn. MediaWiki will do it and they will hate it. Confluence, Notion or a lighter self-hosted wiki fits that job much better.