The U in the CPU means (U)ltra low-power CPU, optimized for battery life, not the computationally demanding task of real-time video encoding. In a laptop enclosure subject to thermal throttling.
With that said:
- Can you run OBS on that computer? Sure.
- Can you run it at the settings (resolution, frame rate, etc) that you want/expect? no idea, as you didn't state your requirements with enough technical detail to evaluate such.
With lower expectations, that old laptop should work... assuming a simplistic OBS setup (ex no chroma-keying, no CPU intensive audio filters, etc), and you properly optimize Operating System and OBS for an under-powered PC [At OS level, that means knowing what background processes are and how to manage them). With that laptop, and Rockbottom's comment about the iGPU, You are going to have to do the really demanding task of real-time video encoding on the CPU, competing with everything else you are doing (so you'll need to learn real-time hardware resource monitoring)
So, it comes down to what you'll be doing on the computer (hardware resource demands before you start OBS Studio), then your expectations for recording (resolution, frame rate, color depth, etc)
