Why do you want to play records? Do you have some old records you want to play? If that's all you want the old record player should be OK, at least to start with.
The headphone output will work. Headphone outputs are compatible with line-inputs. The signal voltage is about the same. The differences are that headphone outputs are
capable of driving headphones (lower impedance). It doesn't work the other way around... Line-
outputs cannot drive headphones, and headphones always have a volume control and sometimes line-outputs don't.
You may not want something "permanently" plugged-into the front panel but it might be a quick & easy way to try it out.
If you are thinking about "getting into viny", I'd advise against it.

It's an old inferior format. But if that's your plan, I'd recommend a new turntable. If I was buying a new turntable
I'd probably buy the AT-120. It doesn't seem "too cheap" and it's not crazy expensive. And it comes ready-to-play with a cartridge and built-in preamp. It has USB for digitizing records and it's direct-drive so there are no belts or drive wheels to wear out. I've got a 40-year old Techincs direct drive and it still works perfectly. (It hasn't been in continuous use for 40 years... For the last few decades it's only been used to occasionally digitize a record that's not available digitally.)
If that's true, of course it's "compatible" with with the system it came with. But without the old electronics it's not compatible with anything "modern" and it won't work with a regular phono preamp or the phono preamp built-into a receiver.
And you can't easily/practically swap it for a magnetic cartridge. It's not worth attempting...
When I was growing-up in the 1970s, most average stereos had ceramic cartridges and only the high-end stuff had a magnetic cartridge. There is a BIG difference in sound quality and now only a few super-cheap turntables have ceramic.
Usually the
clue is a flip-over stylus for LPs or 78's like
this. Not all ceramic cartridges have that no magnetic cartridges have a flip-over stylus