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That sounds like a question for Supertestnet.
Quite honestly, I don't understand this protocol enough to say. But, let's assume that it actually delivers some kind of shielded transactions without surrendering Bitcoin keys. In that case, I'd say it's better because you don't have to switch to a different chain.
It seems that the peg-in and out has visibility and linkage risks and requires a one time trusted setup
the problem is you have to use monero, you are stuck in ecosystem (which is there basically none) and when you swap to and from bitcoin there are ways to de-anonymize, this is directly on bitcoin so you can be much more private using the actual asset you want
rather, how's it different than liquid's confidential transactions
How is this better than something like Monero?