That is a dedicated production / assembly press, not a true arbor press.
Would it work for you, depends on your applications.
For a general shop press it would not be that great as everything you press free would have to be supported to provide clearance for said part.
Ex. If you are pressing studs out of a wheel hub, or removing a bearing from a shaft. If you think broaching is in your future, this press would not be of any use for that.
Me personally I would keep looking, the price is not that great to put up with the lack of center hole.
Now on the other hand if you are in need of a press to assemble components with a flat back, this would be a great deal.
As with most machine shop tools, the bigger, older and heavier it is, the better it will be.
You say you need it... What applications do you have in mind? Other option is an h frame style hydraulic press, then again depending on your applications.