I don’t believe so - the docs mention several ways to boot a pi but most only work for newer models.

An option might be to boot an SD card read-only and run everything over NFS. It’s trivial to do that sort of thing with some UNIX clones (OpenBSD, for instance), but I don’t know about a modern Linux.

It might be too outdated to do major services, but it’s still fine for its original use - interfacing with electronic components.

You could build a weather station, monitor temperature and humidity in your attic and crawlspace, automatically water plants, etc. You don’t need much electronics knowledge for that sort of thing.

Got the stuff you need in order to solder and an interest in electronics repair? Go for it. Ten to one that’s an off-the-shelf part.

Otherwise get it replaced.