Yes, it should be possible to set it up as a kind of baby monitor. The camera is very good and has a lot of functions, including a microphone and speaker. I use it with various Aqara sensors and Apple HomeKit. In addition, there are many other functions in the Aqara app to control the whole thing and set up workflows. Among other things, there is also a function in which you can set up noise detection and send messages in addition to movements. I do not use this noise detection myself.

Yes, the camera has a microphone (and also a loudspeaker). But I would protect my child as much as possible from electromagnetic fields and therefore certainly not put the camera next to his head - in the same room is something else.