so I have the following text:

'\x56\x10\x34\xf8'

According to the assignment I got, this is written in hex. however, I can't convert this into readable text or binary using the unhexlify function from the binascii library (python).
So I guess this is a three part question:
I would really appreciate if someone could identify in which form this text is written, give a brief explanation about it (or give a link that explains it) and give a code that converts it from it's current form to binary and readable text.
Assuming those values map to ASCII character values, you should be able to loop over those values (possibly converting to int) and then feed them into chr(val) to obtain the corresponding character.
how can I convert the following text to binary and readable text? and in what form is it written?