The MD533LL/A is actually a first-generation iPad mini (October 2012).
According to MacTracker, it can only go up to iOS 9.3.5.
You’re right that it is only going to be able to run old apps. Probably not useful these days. I would just recycle it, unless you know of somebody who would want it.
Apple’s trade-in page may be used to see if it has any trade-in value, but I doubt a 13-year-old device will have any value.
I use my iPhone 1 (yes, the first one) as a Scrabble word checker. The app that does this may or may not be available anymore but there is usually a web app you can access and use with REALLY old iDevices.
Sure. The built-in apps (Music, Photos, viewing PDFs, etc.) should all work fine. But if you want third-party apps (as the OP wanted to do), you’re going to be stuck with old versions, and some apps may not be available at all.
I have a lot of video on my Mac. I’m too lazy to set up a video server in my house and AirPlay doesn’t work well due to Wi-Fi congestion and thick, concrete walls. So I use my gen-1 iPad Mini, with Apple’s Lightning-to-HDMI dongle, as a way to watch videos that are stored on my Mac on my TV.
It’s been nearly a decade since your iPad received a security update, so I’d be nervous about connecting it often to a network. If it gets compromised, it can open the door to your iCloud account and other cloud services.
I have an iPhone 4s that has nearly the same capabilities and internal specifications as your iPad mini. I keep it around as a music player because it works nicely with an iHome desktop radio that has great sound and a 30-pin docking connector. It also plays old games quite well.
The funny thing is that due to ensh*ttification, older software often provides a better user experience than current versions of the same software. On my iPhone 4s, I definitely see this with a few games. No ads! I’m a fan of the UI for an old dictionary app that no longer is sold . Back when the iPhone 4s was new, I bought an OBD2 vehicle scanner that was controlled by an iPhone app, which still works well. I also like the old astronomy app that I have on the iPhone.
I share all that to say that if you have a suitable collection of apps that don’t require network access, an old iPad can be surprisingly useful, but it really isn’t a good tool for working with Internet-connected apps, including Safari. If you don’t have any older apps that offer compelling experiences that are hard to duplicate today, your iPad probably should head to the recycler.
PS. FWIW, it looks like the going rate on eBay for a first generation iPad mini is around $20.
If you’re into games you can play many 32-bit games that were discontinued in the app-ocalypse. Jailbreak opens the door to a whole load on internet archive.