Not ideal. Let's say you want to mash at 152F. A PID quickly cycles power on and off and if properly tuned will "slow down" the heating as it approaches 152F, so as not to overshoot. Then it will cycle as needed to maintain a fairly constant temp.
I don't know how fine a differential you can set with the temp controller above, but let's say it is 1F. So you set it for 152F and the element runs at 100% until it reaches 152F, then shuts off. The mash temp continues to climb from residual heat, and the element stays off until the temp drops to 151F, at which point it goes to 100% and overshoots again.
For a boil, it will not be useful. Anything 212F or over (at sea level) will be a boil, anything under will not.
And unless you already own it, it does not look like you would be saving money over a simple PID or PWM solution.