Hard no.

That machine will cost you more in power than what you could have built a modern server for that will decimate that Dell relic in performance.

For $500 you can build a brand new, complete machine based around a i3 12100.

For comparison, a cheap 12100 has three times the compute power of that Xeon dinosaur, plus hardware transcoding. The 12100 will do 6+ 4K transcodes, that Xeon will do zero.

Yes, $50 up front is cheap. It will cost you far more in the long run while having garbage performance.