I dont think it would be any use.
The DIY Naomi CF card readers are based on a IDE CF card module and that looks like its just wiring direct to the pins on the CF card itself.
Theres a guide over on Arcade Projects for Building one -
https://www.arcade-projects.com/threads/the-guided-diy-cf-card-reader-thread.1196/
This thing you have literally looks like its just a CF card extension cable, does the end on the smaller card fit into the CF card slot if you remove the card? Probably its only use would be to provide a remote position to swap CF cards into without having to get access to the Naomi CF Reader.