Is it possible to turn a computer with an internet connection into an ISP of sorts and share that internet connection with remote computers in another city state or country with a slow/inferior internet connection
I wouldn't describe it as "an ISP of sorts", and you'll need a suitable connection or agreement from the hypothetical computer's actual ISP to do this... but yes, it is indeed theoretically feasible to setup a midpoint service that could take various steps to reduce the required bandwidth - for example adding compression, reducing image quality, transcoding media in real-time, etc...
This hypothetical situation goes beyond standard VPN services which may add compression to the link (with varying levels of benefit), but won't intefere with the media within - acting only as a conduit.
This approach will also fall apart immediately if you have any desire or requirement to maintain the chain of trust used so extensively across the modern internet, as the requested assets will not be visible to the midpoint service. The alternative is to put all of your trust in the midpoint service and install a custom root certificate on the remote endpoints using it... I do not recommend this approach, as that midpoint service would have total control and insight into your traffic. You'd also likely lose out on access to any DRM protected media (e.g: streaming services).
As above... it's theoretically possible, yes... but I can't really recommend you think about this much beyond the hypothetical / thought experiment stage.
or no internet connection whatsoever?
I'll presume that existing connection options are unavailable (including: dial-up, xDSL, cable, xPON, cellular, satellite, etc...), and other options are unfeasible (e.g: cable laying, point-to-point wireless, etc...), in which case, where exactly are you?! Services like Starlink appear to have a pretty decent reputation for remote properties without other options.
If you do indeed have no options, then... no - how would you get data to the location if you can't run a cable or make a link?