macOS ARM is not a solution for getting more than 10 years out of a computer. 9-10 is about the max lifecycle of a Mac, including the trailing security updates following 6-7 years of support.
Assuming the SSD is still functional, yes, but otherwise it's probably functionally E-waste at that point unless BGA rework becomes accessible and commonplace. Even then, Asahi Linux is a niche solution to a mass-market problem. Surfdudes and winemoms who aren't also tech people aren't going to want to give up their entire app ecosystem and switch to Linux just to continue using their computer. They'll want the computer to simply keep computering, and will end up replacing it.