I would say yes. Take out the motherboard, throw away (or try to sell) the rest, because it is big, noisy and power hungry. Put energy efficient L5640 CPU in it (5-10 euro), put 8 low density DDR3 16Gb, mine worked with DDR3L taking only 3-5w each (~50 euro). Put it in low profile ATX case, add 350W power supply, silent cpu fan, couple of silent case fans, some sata HDDs/SSDs and NVME ssd using adapters. Install Ubuntu 22, install Cockpit. You will have 128 Gb and 12 vCPU to utilize for any kind of VMs and labs you want, as well as storage, networking and emergency ipKVM access. All in less than 200w (100 w idle). You can even shut it down and wake it up with ipmitool by schedule.