The CPU is a bit lacking there, though, and you'd want 10 Gb ethernet at least.
Not really. I've been doing professional video work for two decades on desktop-class CPUs with no real issue. Granted it's been corporate work so never needed to go super insane with masses of effects, colour grading and whatnot. Most NLEs are still CPU-based and not super threaded, so you have plenty of poke here for prosumer and lower-end pro work.
You'd only need a 10gig connection if you're pulling rushes from a NAS editing over the network; strap 8TB worth of Gen 5 storage to a riser card and you're editing locally. Grabbing your rushes in the first instance and doing backups is generally done out of hours anyway, so you don't need uber fast networking.