Is the gog version of Saints Row 2 playable? Yes.
Even the steam version is playable.
Have myself both of them. I got the dvd version of saints row 2, which turned out i had to activate it on steam.
Later on i also grabbed the gog version. Currently having the gog version installed and playing it sometimes.
However, by default SR2 is unstable. There is a fix for that. Not powertools or so, but a mod made by Mike Watson or better known as Idolninja. It's called Gentlemen of the Row. This supermod fixes car handling, making the game more stable and next to that has many more options. It's the swiss knife to SR2. You find it over at saints row mods.
https://www.saintsrowmods.com/forum/threads/gentlemen-of-the-row.24/
Read the instructions. After installing GoTR SR2 will be less wonky. I would still save on a regular base, as the game does have a habit of suddently crashing to desktop. Also, keep in mind that the dlc's were never ported and unfortunatly that will never happen. The announced remaster of of SR2 won't come. Mike would together with one called minimaul working on it, but mike passed away few years ago. Since volition is no more and nordic doesn't care then you can be sure it won't come.