It does support "modern gaming" yes, but like the sibling comment mentions, at least Riot's anti-cheat demands Windows 10 22H2 (the last iteration of Win10) as a minimum. There are a few somewhat convoluted workarounds floating around that people use. Also Adobe CS seems to require Win10 22H2.

There used to be a website something like "windowsserver2008gaming.com" or something like that idr the specific domain, that was literally a guide to turn old windows server OS installs into gaming computers. The golden years.

My only caveat is that I’m not sure how it handles multiplayer games that require anti-cheat or DRM-style mechanisms, but it’s been flawless with every title I’ve thrown at it so far (BG3, Shadow of the Tomb Raider, Cyberpunk, Ori, etc)

Most DRM-laden software requires 22H2 minimum. So no Xbox game pass at least.

If you mean “modern” as in technologies like HDR, no.

Even Riot’s rootkit “Vanguard” has reduced requirements for Windows 10.

"modern gaming" being a euphemism for "more proprietary software that has chained us to even worse proprietary software for decades".