Yes, this can be used to record your gameplay and to create camera paths.
While it can also do first-person, I wouldn't recommend using it for that as the first-person mode is no where close to what an actual recording looks like (interpolated movement like when in spectator mode, no inventory, no GUI in general) and it's not intended to be either.
Instead I'd suggest using OBS to record your first-person gameplay in real time and running this mod in the background (there's practically no performance penalty) using it only for third-person camera paths.