I would say that would work for the vast majority of bike repair jobs. I have rarely needed to work on a bike in anything other than an upright position. It looks really solid too.

My "repair stand" when I work on my tandem is simply two 2x3 pieces that I clamp to the flat surface of my picnic table, sticking out from the end. The frame just hangs on the arms somewhat like your stand. Yours is much nicer, of course. There's no way my commercial repair stand would work with the tandem.