A proper "curve tracer" has an additional output which can drive the base or gate of a transistor with a current or voltage in multiple steps, so you can capture a full set of characteristic curves of a transistor in one go. The device you linked to does not seem to provide that. It also has limited control over the voltage and current ranges, in a few coarse steps.
But I think you only want to check two-pin components (resistors, capacitors, coils, diodes, or pairs of transistor pins) in-circuit, right? The device should be able to do that. Because you can apparently set different drive voltages, it should be able to test components in low-voltage circuits without causing damage.
I don't know your level of experience. Just to be on the safe side, two more notes -- apologies if this is already clear: You will have to learn how to interpret the resulting I(U) curves, especially in situations where more than one component in the circuit affects the curve in a parallel or series configuration. And you will need to connect an oscilloscope to the device to see the results!