Can I fix my very small bike with a bike fit?
It does look very small for your length, but getting a longer stem could help. I also suggest you make sure that the seat post is long enough. If you raise the seat to a comfortable height and the seat post is too short, you risk damaging the frame as it concentrates too much stress on the top part of the seat tube.
Try with a longer stem and some other small tweaks. If it doesn’t help, you might want to consider replacing it with a larger size.
Another thing to consider is replacing just the frame; a second hand bike frame need not be all that expensive, and all the other parts are always the same size regardless.