Is there a reason why you think it wouldn't?
Certainly it won't be as fast as a newer model, but if that's all it's doing, while it might take a while longer to complete tasks regardless that it has a boatload of cores and threads (And perhaps not, I'm not 100% positive how well obs utilizes available threads and at what number of threads it's optimized to use max) it has a pretty slow clock speed, it IS 7 years old and what you really want to check into is whether or not there are any instructions required for the encoding application you are planning to run that were NOT supported by that CPU architecture.
If there are not, then it will probably work ok. Not great, since it's rather long in the tooth, but well enough if you're not in a giant rush.
How much memory are you planning or have, to use with it?
What OS are you planning to run it with?