Unforunately, no, because it circulates too much air, so the esters/oils (the flavour) in the tobacco leaves will quickly be lost. Compressor-based cooling also shocks the cigars too much, i.e., on average the temp and RH can be good, but you are beating your cigars to death. If you look at a commercial wine+cigar storage unit that uses the same technology, e.g., vinotemp, then you can see the measures the manufacturer has made to address the above issues for the cigar storage side, while leaving the wine cooler side untouched.
Without modification, that device could be used to store wooden boxes of cigars. Maybe. That's too much money for me to risk, personally.
The wine coolers that use passive solid-state cooling (no compressor) are often converted to store cigars. These only cool; they don't heat or control RH, so that functionality needs to be added or acounted for in the environment around the unit. Also, in these, a small fan, preferably one that doesn't run all the time, is needed, e.g., the one in a Cigar Oasis.
Note that when you search, almost all of the wine coolers being converted to cigar storage are the types that use solid-state cooling - in fact, I don't remember ever seeing the (successful) conversion of a compressor-based wine cooler to a cigar storage unit.
Hope this helps, and good luck!
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