A system repair disc allows you to start (boot) your computer system so you can access different recovery options to help recover your Windows 7. The disc is usually used if you don't have a Windows installation disc or you can't access the recovery options provided by your computer manufacturer. A system repair disc is not able to install Windows 7. In order to use the disc your computer BIOS must be configured so the CD/DVD optical drive is the first boot option.
The various recovery options include startup repair, system restore, system image recovery, memory diagnostics and command prompt. System Recovery Options
Yes, you can use the repair disc to access your restore points, but the restore points must have already been created and saved. The disc can't restore to something that isn't already available.
If you're having startup issues you could certainly use the disc to access startup repair. This tutorial explains more about the procedure. It's recommended that you run the startup repair 3 separate times and reboot the computer after each scan. Startup Repair
If still having issues, one of the Forum experts prepared a couple of troubleshooting guides with some additional suggestions. Troubleshooting Windows 7 Failure to Boot Troubleshooting Steps for Windows 7
Or you could use this opportunity to do a complete clean install of the operating system and get rid of the HP factory bloatware that slows the machine down. Clean Reinstall - Factory OEM Windows 7