No, that capacitor is not there for PFC, but is a resonant capacitor for the 110V resonant ballast, or it is one of the parts needed for a lead lag ballast connection, which was very common on old fixtures, which need to use an autotransformer to step up the voltage to the tubes, as a T12 4 foot lamp will not otherwise start reliably on 110VAC, if at all. The ballast will have 2 yellow leads that connect to one side of both tubes, and then a set of red and blue leads, which go to the other side of each tube respectively. Capacitor will be there internally to provide a phase shift, and that one listed will work, though normally you use one meant for motor run applications, which typically has a 275/400VAC rating.
However you can install LED retrofit lamps easily, with only needing to remove the ballast, cutting the wires off at the ballast body ( power off to the fixtures first) and using only the yellow wires to provide power to the one end of the tube. Thus you connect the one yellow wire to the black line wire, and the other yellow wire to the white neutral wire, and leave the red and blue pairs just with the ends taped up, and remove the heavy metal potted ballast entirely. Then put a mark on the end the yellow is, and install the new LED tubes so the ballast end (typically the end with the printing of the type on that side, or marked with power this end) in there, and turn on the power. Old ballast units put into the pile of scrap metal, and send to the recycling yard, as they contain a lot of copper wire, though getting it out is messy, as the potting will be either bitumen or polyester resin with a sand fill.