Are you going to use this on a vehicle? If yes, then yeah, two issues I see.
Aggressive tooth saw blade, can catch and cause damage.
Long pilot drill and no stop, that can be a problem if you want to limit depth.
Will it work? Probably, if you go really slow and almost no pressure. But the risks are high, especially if you haven't done this before. I've been in a jam and needed one, not for a vehicle, but on the top of a equipment enclosure. Went to Home Depot and picked up a 3/4" De Walt hole saw that had much finer teeth. It worked, but I wouldn't use it on my own truck.
Ripley/Cablematic/Laird are better tools for the job, will do less damage and are easier for a new installer to master.
If you are just making a hole in a bracket or equipment box, then what you have will work if you are careful.