Produce music, maybe, depends on the sort of music you want to create. App's like AmpliTube work better off Intel's platform, while the new high end Ryzen's are favored. I don't think you need the Elgato to stream, if this is what you want to do with your Xbox. You will struggle with the Ryzen 3 onboard that laptop for either works(considering that music production would need multiple threads and cores).
Sorry, when I said stream I ment like live stream and edit gameplay footage to upload to YouTube. So what can be done with those specs or is it just an average everyday laptop. It was a Christmas gift and I dont know much at all