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A third party hood will reduce flare as well as a Nikon hood will.
The disadvantage, in my opinion, is that many third party hoods use the filter threads instead of the bayonet mount to attach the hood. This means that it can interfere with the lens cap (depending on the type of hood, it my require a new, smaller lens cap), and it definitely will interfere with filters, where you will have to remove the hood to install the filter, and depending on the lens you can cause vingetting by doing this.
So... functionally, they accomplish their task, it just depends on the lens what the quirks will be. The one you linked looks like it's going to require a smaller lens cap than the 77mm one that comes with the lens, so that's added expense, and I'd be surprised if you could use a filter and the hood without vingetting. Interesting that they don't state the size of the needed lens cap.
I've gone back to the Nikon bayonet style replacements after dealing with a couple third party ones that attached to the filter threads. I'd probably give a third party bayonet mount hood a try if I knew where to get one.