That’s well beyond its happy place IMO.
You might be able to get it vaguely straight with spoke tension alone but you’ll have half the spokes too loose to stay put and the other half trying to rip the nipples through the rim, and as a result it’ll probably go out of true on a daily basis. No matter how experienced you are at wheelbuilding, it’ll be a piece-of-crap wheel. As a first build it’ll drive you nuts and probably teach you bad habits along the way. What you want for a first build is a nice straight rim (and not too stiff).
You could bend it back into shape but you’ll have to accept that the rim is weakened and will have a shorter life (and possibly a more exciting failure) as a result. And realistically you’ll still have the previous problem, albeit to a lesser extent. To be honest, bending a taco back into shape is purely a get-you-home measure, not a let’s-make-a-wheel-out-of-this measure.
I’d say it’s hula hoop time.