that's essentially a packaged DIY system from what i'm seeing.
That's exactly what it is. It's nice in that you don't have to mess around with sealing bottle caps and fighting leaks, but that system itself is very small — I can't remember the canister's volume off-hand, but it's maybe 750 mL? It doesn't last too long. The pre-mixed packets they give you will go for a week, maybe two. (The packets are expensive, too, but it's easy enough to make your own with baking soda, sugar, and active dry yeast.)
Aside from having to make up new mix fairly often (definitely into DIY territory), I think it's just fine as a low-cost, starter CO2 system for a small tank (10 – 20G). It does what you want it to do in that it gets CO2 dissolved into the water for plants to use, but it may be higher maintenance than you're looking for. Also, if you have small snails (like pond or ramshorns) in your tank, they'll eventually get to climbing all over the diffusion ladder looking for algae and detritus to eat and will occasionally block the holes, leading to wasted CO2 until they move and allow the bubbles through again.
As far as algae goes, the addition of CO2 isn't a guaranteed algae cure. It may help by giving the plants more of what they need to grow, thereby allowing them to outcompete the algae for nutrients, but it's still important to maintain a balance between light, nutrients, and CO2 to prevent algal growth.