hard to say without seeing detail photos, but that looks entirely fixable.
140/240 Volvos are far less prone to rust than virtually everything else of the same age. I would not be at all surprised if that one had minimal rust - but it could be stuffed too...
That said, it will depend a lot on how much of a project you are up for.
There’s still a lot of work in this, even if there is no rust at all.