Certainly.  You can track any Item.
All depends on your environment and what you need to track and to what depth or detail.

Some ways are to

• Create custom fields for the Item Category (40 fields) to put in the monitor, RAM, HDD, peripherals
• Use the 5 custom fields for the Item Type for these

OR

Category Hardware add Type Peripherals
Within Peripherals add Items: Internal HDD, Memory, Keyboard, Monitor, SSD Drive, External HDD, Mouse, etc.
OR
Category Hardware add Type Desktop, Laptop, or generically Computer
Within Desktop add Items: Internal HDD, Keyboard, Monitor, SSD Drive, External HDD, Mouse, etc.

Or under Hardware add Type Communications
Within Communications add Items: iPhone, Android, Pixel, Desktop Phone, Land Line Phone

Or create a New Category called Communications and add iPhone, Android, Desktop Phone, Land Line Phone
Within Each of those you can put the specific model phone for that type (or even serial number)

Let me know if this helps.

Listed below is the Item tracking... but another way to track components of Items is through custom fields.

Categories have custom 40 fields to use, Types has 5 custom fields.

Do either of these fit the need?