Yes, the $118 bike is not going to be much fun, and may be assembled
dangerously.
No, it'll be built dangerously. A cheap Shimano derailleur won't fix cracked welds or a broken frame. TLC won't make the frame true. Doubtful it'll last more than a few miles really. Yes, it will be heavy and clunky, but it will function in all of the ways
that it is important for a bike to function.
Ehh it'll be the bare minimum that you probably won't want to use.
I got a cheap "bike" as a student and regretted it when a crank arm snapped clean off pulling away from the lights. No serious damage done to me, but the potential was there.