A new take on the entry-level NAS, nice! If I wouldn't already be running a Synology (which is running without issues) I'd get this. Small, cheap and very decent specs.
Sure its gonna do that. Major difference to Synology is it has a pretty case and usable out-of-the-box software, while here you've got to be comfortable with some Linux stuff.
If you have a separate backup for the things that cannot be easily replaced (movies, music can just be re-downloaded), than I don't see the need to worry too much about redundancy or ECC RAM or ZFS etc.
By comparison this Odroid box comes with Ubuntu preinstalled and that's it. Much more flexibility, but much more work involved too.
there are many useful and easy to install apps from the store. and backup to cloud is just a few clicks away.
for me, i just want sth simple to setup and forget. synology does that and does it really well for me