With the Xbox 360, I don't think it's a bad console as there are a lot of good games on the console itself. There are still games available that's not on the backwards compatibility list for the Xbox One and the Xbox Series consoles.
Like people has said, it does get the red ring of death, but that's more of a chance if it's the older Xbox 360 model that's the original model, the Core model, and Arcade model. I've had the Xbox 360 Elite (PAL) for a decade, 2010 or 2011, used by my younger brother originally. Never been modded either. It's lasted really well and is still going. Though there still be a chance that the Xbox 360 Elite will get the red ring of death. It does support 3 USB ports, ethernet output, swappable HDD, and 2 memory cards slots. I think the Xbox 360 Elite is the best hardware to go for, as the S model and the E model removed the 2 memory cards, while the E model have 1 USB port removed.
It's still possible to get games digitally for the Xbox 360 through the Microsoft Store on the Xbox One, the Xbox Series consoles, or through the Xbox website. As there's a option to download those games on the Xbox 360 through the active downloads in the account settings at the far right tab on the console itself. There's plenty of games that's also possible to do Achievement hunting on.
If can't really play on a Xbox 360 in the far future on actual hardware, there's the Xbox One, Xbox One S, Xbox One X, and the Xbox Series X that makes the games possible to be played by disk on those consoles, IF IT'S SUPPORTED on the Backwards Compatibility list. The Xbox Series S is also great for the size of the the hardware and the budget, dispite being a digital only console. The games you've collected (if you do) wouldn't go to waste, as well as some of those being playable on the Xbox One and the Xbox Series by disk or digitally. While on a modded Xbox 360, it's possible to dump your Xbox 360 games with a modded Xbox 360 and a PC, to be playable on a WindowsOS (like Windows 10) with Xenia, as it sounds like it's gotten better over the years. As joffaxx mentioned, Xbox 360 games are also available to be emulated as well on the Steam Deck.
I'll leave a link to a guide on dumping Xbox 360 games as well as for playing Xbox Live Arcade games, and DLC for games, if interested.
Xbox 360 Emulator Research Project . Contribute to xenia-canary/xenia-canary development by creating an account on GitHub.
github.com
If you're more interested in playing some other games online, like for Halo 3 legacy, or play unreleased games for the Xbox 360, a bigger backwards compatibility list for the Xbox Original on the Xbox 360, even the ones that are expensive physically to obtain. Especially if you also wanted to play Arcade (orange labelled)
games, and the Indie (blue labelled) games. I'd definitely would recommend getting one modded, or emulating Xbox 360 games.