No. It's a digital only console. If you want to play older gen Xbox games, you'd need an Xbox Series X and even then, only some are backwards compatible. Here's a good list of them:

https://en.wikipedia.org/wiki/List_of_backward-compatible_games_for_Xbox_One_and_Series_X/S

If you are more interested in PS5, it will play PS4 discs but not PS1, PS2, PS3 (if you get the disc version).

I have both the Series X and PS5 and play the PS5 more mainly because of the DualSense. It's a game changer in my opinion but it may not be for everyone. Good luck!