In theory it is possible – but, of course, the Lenovo 300e must remain powered on (and connected to the network) the entire time you're using its disk. That might not do any good for its battery. Also, the "server" laptop really should be connected via Ethernet as well, because data transfer between two Wi-Fi devices on the same channel can only give half the performance at best.
The built-in option is Windows "file sharing" using the SMBv3 protocol. On the "server" laptop you'll need to allow the "File Sharing" ports through Windows Firewall ("SMB-In" in wf.msc) and to share the actual folder or entire disk (right-click → Properties → Sharing, or alternatively fsmgmt.msc).
Then on the "client" laptop access it through \\ip_address\share_name, e.g. \\lenovo.local\DiskC – or use "Files → Computer → Map Network Drive" (net use) to assign a drive letter. Programs will see it as a "Network" drive.
(SMB uses Windows accounts and passwords, so the Lenovo should have a "local" non-Microsoft account and with a password set.)
There are a few other options, but they all generally require either Windows Server or Linux or commercial software. For example, Windows 10 can act as an iSCSI client ("initiator") to make a remote disk look almost exactly like a local disk – that is, much more "disk-like" than SMB – but only Windows Server (or Linux, etc) can act as an iSCSI server ("target").
A disadvantage iSCSI is that because it shares the raw disk, it cannot share a disk that's already in-use by the server's OS (it could probably share a VHD though), and likewise only a single client can connect to the disk at a time – unlike SMB, which is file-based and can share any individual folder with any number of clients.