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Our nonprofit's website is slow as molasses. We've tried a bunch of things (cache-related, optimizing, etc.) and it's driving us crazy. It's a wordpress.org site. … One of our board members has suggested switching to a wordpress.com business account instead.
What are your thoughts?

WordPress .com won’t solve your problem. Moving to a better host likely will.
Search this sub and there are multiple threads where people discuss WordPress hosting.
I’ve been dealing with this a lot lately with my clients. Host is one thing but your setup is another and just as much the culprit.
Every site is different and while a lot will use a setup that’s close, they still need to be tweaked accordingly.