I have the same kind of device but from another brand. My use case: I have an integrated class D amp with faulty analog inputs. With this AD converter, I can connect any device with analog out's to the integrated amp despite of faulty analog inputs, using one of the amps three digital in's. Works perfectly well for me.
(Well, for above use case, I could as well use the analog input of my Wiim Pro+, which goes digitally to the same class D amp. But at the time, I did not have the Pro+ yet). Still in my to-do list is comparing the sound quality of the two different AD conversions.
In case of feeding the turntable's preamp to the AD converter, the straight analog signal from the beginning to the end is lost. One can argue about that.