Of course there's high potential. Definition of a high risk, high reward job. If he can turn it around, he'll be a legend and will have a budget that most managers can dream of. The risk for him is that his success is in the hands of other people as much as it is in his hands and so far those other people have nothing but a history of incompetence.
However, there is some chance that Murtough has had the hand brake on under Woodward and that Arnold might finally be letting him clear house and build a decent front house team which supports the manager. However, there's also a chance that he's as useless as everybody else in that club right now and in that case ten Hag will suffer the same fate as every other manager.