Will this allow my MacBook Pro (M1) to use 2 monitors?

You can't. You can only do it with a Mac Mini and that's because it also has a HDMI port.

Use multiple displays with your Mac - https://support.apple.com/HT202351

"If you're using a Mac with Apple silicon, you can connect a single external display to your Mac using one of the Thunderbolt / USB 4 ports. Docks don't increase the number of displays you can connect as an extended desktop."

This is a false information. Docks CAN allow you to connect more monitors to M1 based computer.

there is a lot of info on YT.