I once tried to 'save' a chain like that, just for the experience. It seemed to actually have rust under the chrome plating - the plating blew off with electrolysis.
I have been able to free up, or at least straighten, a few loops of 'archival' chain (not meant to be run again), using a vise, a small hammer, and penetrating oil, but others have crumbled in my hands.
*Rust Eats Metal* - removing the rust does not replace the lost metal.
That loop is good for a souvenir, for a 'what not to do' reminder, or for recycling.
Philbert