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Short answer, this would depend on the amount of data that you are planning to backup as well as the capacity of your two devices. After factoring the maximum memory capacity for both of your devices, I would suggest having between 500GB - 1TB additional space on a drive when considering a purchase. This allows you to ensure that even if you max out the memory on your devices, you would still have enough room to back them up. Example: a very standard desktop can come with 3TB of storage. A very standard laptop will come with 500GB (or 0.5TB) of memory. In theory, yes, you could use this external hard drive to back up these two devices but that that will not give you much wiggle room because you would be close to maxing out the memory.
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