Maybe, but I think a kid can appreciate a record player for itself. It's arguably the most grab-able music format (cassette tapes are a close contender) and it's a very visual and tactile way to experience music.

I have an old phonograph cabinet and my toddler is always trying to turn the crank, then wants to be held up to see the record spinning while it plays. He doesn't care that it's an obsolete relic of generations past, he just wants to turn a crank and watch it spin.