Essentially yes, in that it does what any Rick-o-sound box does - i.e. split the two signals off down two mono jack leads. However, you would most likely find it inconvenient to plug it directly into your instrument. As the product page says:
"The part of the cable before the split is about 15 cm long."
Having the cable split into a Y after a mere six inches would make it pretty difficult for the player to move about. A possible solution to this would be to run a stereo cable of decent length to an inline tip-ring-sleeve jack socket, then plug this Y cable into the end of that.
TBH, it would be just as simple to build a splitter box and have done with it. It ain't rocket science!
