I have a couple of different sizes.
They're hard to set up, but once you have, I find they work pretty well. They are ABSOLUTELY NOT a tool to use handheld. Never mind the safety aspects, you couldn't hope to achieve the precision necessary for the joint to work.
You need a well set up router table, probably with a tall and sacrificial fence if you're making boxes or drawer carcases, and very straight and flat. Otherwise your joints will be squiffy.
I'd be amazed if a cutter as cheap as you describe isn't complete rubbish. I suggest you check the shank diameter (at several places) with a micrometer before putting it in any router you value - cheap Chinese ones are often out of tolerance and can damage collets, or worse, are unbalanced.
The finished joint is asymmetric: like dovetails, it resists force along one piece of stock only. Unlike dovetails, it is wholly reliant on glue to work.
You need to think about which way round you cut it before starting, and, again unlike dovetails, any mistake in setup will change the dimensions of the finished piece too (even if it fits together).
People on this forum have had cheap Chinese cutter shanks bend like cheese, and big mitre-lock cutters have a lot of mass whizzing round.
This doesn't sound like something I'd want to do with no experience. There's a lot of info out there, including YouTube videos. Go Google...