You may already know this but Lyra is one of the stencil brands of MIJ knock-offs. These were sold as entry level kits by music distributors and showed up in Sears, JC Penney, Montgomery Ward, etc. catalogs. They are cheaply made usually using vertical grain Luan for she'll construction. Of course your snare is a copy of a Slingerland snare.
At the time, they were just considered cheap drums. There are a lot of guys here that like them for various reasons. In some cases it is because these were their first kits. For some it is because they are available cheaply and also have some very unique wraps which make them prime targets for building up some restoration chops.
A lot of guys here have had great success with cleaning up the bearing edges (which may have been poorly done in the first place) and also sealing the interiors. There are lots of threads on this. It seems that the rather porus and stringy Luan has a tendency to harden as it dries out over time making these drums far more musical than they were originally.
I know of one well known drummer that keeps a pair of these drums in his snare drum arsenal. He pulls them out on live shows on small settings as, in his words, the softer wood makes for a much more quiet snare drum. All of that to say, for the little investment you would have in restoring the snare, you should. If you are using it as a studio snare, be careful of what strainer you use. Make sure you have something reliable. Going original is cool but not if it fails halfway through a tracking session. Reliability is far more important in that scenario IMO.