no, too much ferts and other chemicals. get the cheap earthgro or gardenpro topsoil bags, strain out the wood chunks, put some in one of those disposable foil baking trays and bake at 200 for 45 mins to sterilize and you should be good
you will need to cap it with sand in your tank. put the dirt in first in a dry tank, then put sand on top, and carefully fill the tank back up.
I always heard the organic mericle gro was safe. Is there any other cheap planted aquarium substrate that doesn't evolve a ton of cleaning?

I’ve used this several times. You don’t need a whole bag in a 55g. Only about 1-2in deep bed max. I don’t sift or bake it. I put a layer of soil with a piece of fiberglass screen over it and cap with sand. My preferred is Cemex Lapis lustre which come in three grades; sand, 1.5-2mm grain and gravel. The gravel supply I purchased from carried 50lb and 100lb bags for less than $20.View attachment 1516779
Possibly, I’ve not tested water parameters after initial setup.So im assuming the one i have isnt safe. I guess I'll have to return it (thankfully I haven't opened it yet)
Do I need to worry about any potential ammonia spikes from the potting mix?
I have used assorted cheapo potting soils for this purpose, never had a problem with any of them. I make a point of avoiding anything that doesn't specifically claim to be 100% organic; also had good results with clean topsoil dug up out of my yard, but I never use any chemicals/fertilizers on my property. No need to bake it, boil it, fry it, nuke it or do anything else to sterilize it; just cap it with a layer of sand or fine gravel and you're good to go.
Obviously, this doesn't work well if you have burrowers or re-decorators in your tank. Use enough sand/gravel to allow planting in the cap layer, so as not to disturb the soil; the roots will quickly grow down into that bottom layer. A sheet of screen or fabric between the layers does help keep the dirt where it belongs...but will also become thoroughly mixed up with and infiltrated by plant roots and can become a nightmare if/when you want to move or remove any plants later on.
I still use the "under-dirt" idea but I now limit it to pots, trays, etc. as it's much easier to keep things neat and under control.