@kausmonaut1675 I've got a secondary PC (work computer booting from external USB drive) with those specs: Surface Laptop 3 with the same CPU, 16 GB RAM, and Iris Plus Graphics, running Windows 10 Pro.
Just did a 30-minute session doing the Maiden Voyage and I was seeing a consistent 30 FPS at 1080x720 using the "Recommended" settings (which was everything set to "Cursed"). I also did a little playing around with settings and got 30 FPS on "Common" as well as 30 FPS with most settings "Cursed" but texture detail and model detail bumped up to "Rare". I'll probably play with it a little more and can come back to this thread if I get it dialed in at all.
For perspective, I mainly play on a desktop with a Ryzen 2700, 32 GB, and RX590 and get 60 FPS at 1920x1080 with settings maxed (display caps at 60 FPS); based on this limited experience I consider the laptop experience quite playable.
Doubt you're going to be a TDM God dominating PvP on that rig but depending on what you're planning, I think it would be quite enjoyable.