Yes, but the experience is dated. The Xbox 360 remains functional for media, but app support has largely ended.
Requirement: Most apps require an Xbox Live Gold subscription (or Game Pass Core) to launch, even for free content.
For a dedicated living room device, a $30–$50 streaming stick (Fire TV Stick 4K, Chromecast, Roku) offers 4K HDR, modern apps, no subscription gatekeeping, and far better codec support.