Hard to see what model but yes that is a metal lathe. Arguably worth a lot more than the bigger lathes because its size makes it easy to fit in a garage or shed. Ive seen a few in similar condition go for ~300 at estate sales in the Southwest.
Actually, it's more of a toy than a real lathe. A waste of time and money if you really wanted to learn and use a lathe.
That's a "109". It's smaller and lighter than the "618" made by Atlas. It should not be confused with the 618 Atlas sourced lathes. The atlas is considered a far better machine. (Although the atlas is considered a "toy" by some as it is unable to machine the massive propeller shafts that drive nuclear powered aircraft carriers. But that's a whole other conversation. ) If it's cheap, or free, it's probably worth getting as a small lathe is handy. A larger lathe is more handy. A full sized toolroom lathe even more so. But money and space are considerations for most of us. If its not really cheap, then I'd pass. Cheap is relative BTW. If it comes with all the tooling, like vs cutters and attachments and stuff, it's worth a lot more than just the are tool. If it does not have a full set of back gears, it's worth far less. But if they want a bunch of money, or even "what it's really worth", pass. They are way over priced these days.