Maybe
https://www.ifixit.com/News/94927/how-open-hardware-empowers... helps to get how it's different than "just" getting older hardware that had good repairability scores (indeed like ThinkPabs,cf
https://www.ifixit.com/repairability/laptop-repairability-sc... ) namely that the idea isn't to "hijack" a locked-down supply chain and get cheap parts assembled anywhere. Rather it's to challenge that supply chain and open it up, which is indeed going to be expensive, maybe even environmentally wasteful (to clarify IMHO) at first but then long term will radically improve the situation.
Agree, being weaker than an N100 I would argue by large it is already ewaste compared to just getting an old thinkpad or similar.
Its over engineered in some ways and woefully under engineered in others. Any real effort in making it more performant or trying to extend it's life will just generate more additional ewaste than it will save by just reusing existing hardware.
On the other hand, since all the design files are available, anyone can design an upgraded motherboard for this machine and keep all the other parts out of the landfill.