I think it depends on how stable the 5V on the board is. Fans do not need a very clean supply voltage at all, so it may not be well regulated, and may be noisy; that can affect the DC-DC converter as well.
There are Youtube reviews on these modules, and although I have some myself, I'd be hesitant on putting one inside an expensive display...
(I do intend to use something like that on an Orthex SmartStore 45 box-to-soldering-fume-hood conversion with activated charcoal HEPA filter and a few old 3-pin 120mm Noctua/Gentle Typhoon fans. As these are voltage controlled, I can just set up the output voltage to match the desired fan speed. That is, I do believe these work just fine, I just don't really
trust them inside anything expensive.)
That's why I like the mEZD41501A-B solution, even though it is nowadays Not Recommended for New Designs: it has such a wide input range, and is designed for exactly this purpose (DIY, 12VDC regulated output). The datasheet also specifies its efficiency at low loads (12V, 110mA for the 1.32W fan), which definitely helps; and even shows the actual circuit and components on it.
A lot of existing DC-DC step-up/boost ones have very tight input (4.5V to 5.5V) and/or unregulated output. Almost all the isolated ones (which obviously work for un-isolated uses as well) I can find in the <10€ class have an unregulated output, requiring a minimum of 10% of nominal load, or their output voltage
may even double. They also tend to be very inefficient at low loads.
(Thus, I took a bit of a detour into
TI Power Designer to see how complex a fully DIY step-up from say 4-6V to 12V would be, but my design skills just aren't up to that level yet. Also, the efficient chips tend to be legless packages, which I'm not confident soldering myself.)
If you already tested the 12V PWM fan with a separate supply, and it works fine, then the PWM and Tach signals do not need level shifting, all you need is mEZD41501A-B and
optionally a flyback diode, say 1N4148, with its cathode (-) to the 12V output, and anode to GND. No board needed, just solder wires directly (and protect with heatshrink); use a leaded diode. I do believe Noctua (and other quality) fans either have one or equivalent circuitry built-in.
To do the PWM and Tach level shifting properly without inverting them, each needs a couple of resistors or a trimmer (as a voltage divider), a diode (in case the board pulls the Tach to higher VCC than the adapter, or fan the PWM), a couple of resistors, and a pair of signal N-MOSFETs. Even the dual N-MOSFETS cost only a couple dozen cents each (under 3€ for ten in SOT-323-6, which is small but still hand-solderable; with many having the same pinout, for example DMN63D8LDW-13), so it's really just a matter of having to solder all the components.
(Because I am a hobbyist, I had to simulate the circuit using ngspice – I use Linux. The PWM frequency is nominally 25 kHz, and at two pulses per rotation, 2000 RPM, the Tach output is 67 pulses/second. So, these aren't exactly high-frequency signals.)
I need to do some component datasheet checks, and simulate the final schematic in ngspice before it is ready for review, though.