Sure. It's plenty feasible. I've used old laptops, desktops, a server board running naked under my desk with parts strewn about... anything can run your homelab.

The only thing you may have issues with long term in a laptop like that is the battery turning into a spicy balloon. Regardless of whether its healthy, or totally "dead" and wont charge, it can and will still start to offgas and can catch on fire. If it has a removable battery, take it out and run the laptop on a normal UPS that is designed to sit fully charged and plugged in 24/7.

It really kind of depends on your luck with the hardware. I've used laptops as servers for durations of several months at various points in the past and had no particular problems, just make sure cooling is adequate.

You might consider setting up a Proxmox node if you're interested in virtualization at the machine level (i.e. having several virtual machines running on one physical machine, which can reduce maintenance headaches and make experimentation easier as VMs can be snapshotted, cloned, and easily replaced)