It's certainly better than nothing, that's for sure. I'm currently using the same one. Got it a couple of weeks ago and I've ground out around 8 knives using it. Each one has gotten progressively better... I'm at the point where I'm starting to be happy with the work I can produce on it. Things are getting to the point where I can actually produce something close to what I originally imagine/draw.
Just make sure you get some good belts. Going from using the crappy ones I could find in a store to Blaze belts definitely improved things (I mostly use the 60 and 120, the courser ones stalled out the belt far too often). Work went faster, cuts were cleaner, and they produce less heat.
You'll want to adjust a few things as you go. For one, the platen is garbage and poorly lined up. You'll want to tinker with it and bend it into a better position. Tracking wasn't great; the tape trick helped keep things a bit more stable. I removed the plastic side cover and discarded it. It doesn't fit well, so it was a pain to take it on and off every time I wanted to swap belts, and it works just fine without it. Plus, I had a couple of small fires start inside of the thing. Being able to see when it's getting clogged up inside so you can wipe it out is safer than having it hidden from view, in my opinion. If I didn't have a 2x72 paid for and in my future, I'd definitely look into other sorts of modifications. Not a bad machine, especially for the money. Beats hand filing or using an angle grinder.
I'd imagine it's easier to do what you want on a good grinder. Less variables to deal with. Things run a bit fast on the HF, so it's not very forgiving when you try and do anything precision. The unstable platen and wobbly belt makes keeping things flat and corners clean a bit difficult. Not a whole lot of room for maneuvering your hands around the sides, either. You can definitely get a feel for grinding and improve your skills on the machine, though. It's like learning to swim competitively at a beach vs. a pool. You're not going to be able to perfectly refine your technique as easily, since you're having to deal with the waves and unsteady water, but at least you're getting your feet wet.