You got a real working razor there. It has obviously seen some regular use and honing. So being that it is a family heirloom I would have it honed and use it occasionally but maybe not make it part of the regular rotation. That razor would be a nice one to pass down to another generation, so you might want to keep the use, and honing, very light. Also it has a lovely patina but no rust to speak of. Keep it oiled or keep it in a very dry location, so you don't have to one day buff out a bunch of rust.

That razor is definitely not jewelry. It is a tool. But it is a tool worth preserving for your descendants to enjoy owning.