Since Ledger/Trezor is not available in certain countries or there could be trust issues there, with this kind of setup you should be basically risk free.
Are those two brands specifically prohibited in certain countries or are HW wallets in general prohibited? If it's the latter, then owning this device--even though it's not officially a HW wallet--would be kind of risky, wouldn't it? Also, I know this is straying from the topic, but what countries have banned HW wallets?
I think that it was about not being available (no way to buy it, no resellers, nothing), not straight banned.
There was a thread from a guy (iirc he was from Arabia somewhere) who had this issue and wanted a solution.
The problem is that a HW I would not buy from just anybody. It has to be the producer or a certified reseller.
On the other hand, this hind of hardware may be safe since you flash it yourself with the software you probably check first.
Judging by the address at the bottom of the page, these products are shipped out of China.
Indeed, AliExpress has its share of M5Stack sellers, so it's most probably from China.
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And while it's not a HW per se, it's actually a development kit, like RasPi or Arduino, it seems to have all you need to build something with HW capabilities off it.