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The phrase "this has the potential" is correct and usable in written English.
You can use it when discussing the possibility that something could lead to a larger outcome. For example, "This initiative has the potential to create meaningful change within our community."
Exact(60)
"This has the potential to backlash on him," he said.
But this has the potential to be one".
This has the potential to be a win-win-win.
"But this has the potential to be a game changer".
"Bibhu!" This has the potential to get annoying.
This has the potential to result in maintenance cost savings.
This has the potential of significantly reducing development efforts.
All of this has the potential to be a breath of fresh air.
The Consumers Union: "This has the potential to be a very bad deal for consumers".
"Perhaps it may become a much larger risk; this has the potential," Mr. Gullotto said.
We thought: this has the potential to be a cult favourite".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com