The rack will support a bag but it is lacking in almost every department.
2 legs, not 3. No lateral triangulation.
Bolt on legs, not welded.
Solid steel, very heavy for its stiffness.
Strength is restricted by the bolts not the steel rod.
This all makes the rack less strong and rigid than it needs to be for heavy panniers.
My Blackburn clone rack was pretty cheap but has all the advantages of a Blackburn.
On the plus side, your rack has a rear lamp bracket.