Absolutely not. Overheating an Xbox 360 showing the Red Ring of Death (RROD) is dangerous and destructive.
Wrapping the console in towels to "reflow solder" was a desperate 2007–2010 hack. It occasionally gave days to weeks of life by temporarily reconnecting fractured joints, but:
Retire the console. Transfer saves via USB/HDD. Buy an Xbox 360 S/E ($40–$80 used) or play via backward compatibility on Xbox One/Series. Don't risk injury or property damage.