Can it be used for airbrushing = yes, would I want to = No.
Purely because I airbrush inside the house, so noise is a huge factor for me. (I only use water based paints so no health issues)...I'll bet this is a noisy compressor, certainly one that you would soon be fed up with if running just beside where you are spraying!
If you plan on using the compressor in the garage/man cave or outdoors, then noise is probably less of an issue for you (if you have a long enough hose). It has a decent size receiver/tank so if painting using an airbrush the motor won't actually be running that much as the air volume used by airbrushes is relatively small.
The image does not show a water trap, so you'd need to purchase one, but then again I can confidently say that you would also need to buy a 1/8" reducer, plus quick release hose attachment etc, so buying a water trap is just another item needed.
I'm guessing that there is no hose with this compressor (and if there is it will be too big for an airbrush), so you'd need to factor in a nice braided 1/4" hose of suitable length.
To be honest the compressor shown is probably more better suited for a LVLP spot repair spray gun, which if you are only spraying shells in single colours and don't need the finesse of an airbrush, then the compressor is probably better for you than a dedicated airbrush compressor.