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Floor repair: Is it wood or should it be replaced?

I don't like the floor in the recently purchased house in its current state. It's grayish in some places and a nice woody hue in others. There is no serious damage. I assumed it was laminate, so only replacement was an option. Then I removed the molding and was a little hesitant.

Somehow it didn't look like what I imagine a typical laminate floor would look like? Judging by the cross section, it looks more like prefabricated hardwood flooring? Unfortunately, I'm a complete amateur in this area.

Is it possible to sand this floor with a fine grit and treat it with a hard wax oil to make it look uniformly beautiful again?

• floor