My 10 year old read it on his own last year, and then begged for LOTR. In contrast, my 11 year old was truly bothered by the Hobbit and didn’t make it past the first chapter. She just wasn’t comfortable with Gandalf. We respected that and dropped the book. Like everything, it just depends on the kids.
Are you asking about the reading level or about the maturity level? For the reading level, it’s probably fine, especially as a read aloud. But there are some tense moments in the book, there is a wizard that needs some explaining, a fight with a dragon, etc. Then, of course, there’s Gollum, but he’s not really creepy until the LOTR books.