1. You are not too old.
2. Yes. Bald/thinning spots are what respond to minoxidil, as opposed to the hairline, which is extremely hard to recover.
To maximize your results combine 1) minoxidil, 2) microneedling, 3) finasteride. You may also try oral minoxidil instead, which is stronger.
You will not get a full recovery at all. You will get some added thickness. In other words you will become less balding. Are you okay with that?
Hair loss prevention and recovery is ultimately not an all or nothing miracle; rather it is about a cost-benefit analysis of managing expectations and accepting a routine. In my case, minoxidil use has brought my hair back to where it was around 2016-2017, though I am still balding as sh*t. But to get that for just taking max 5 minutes a day to rub this stuff in, it's a good deal in my mind. I'll take what I can get. Question is, are you fine with it?