Yes, by plugging a humble (about $50) PC Engine into this device you can play not only all HuCard game releases from all regions (the Turbo EverDrive from Krikzz already does this) but also lets you play any and all CD-ROM releases (and includes built-in System Cards for CD-ROM2, Super CD-ROM2 and Arcade CD-ROM games) and throws in an RGB-connector too.
At €240 this is an absolute steal compared to just getting these components separately and having the machine RGB-modded.
And lets be frank, the PC Engine is one of the best investments a shmup enthusiast can make, the system is absolutely packed with good shooters.