I haven't used this, but I do have a paper cutter that is very similar. I have noticed that I have to concentrate on pressing down fairly hard for the entire length of the cut in order to be sure to cut entirely through paper. It's really annoying to have everything cut but an inch or two here and there!
One thing to be aware of is that the fabric would have to be short enough so you can see the ruler markings at the top and bottom. If you are trying to cut strips from 42"-wide fabric, it probably means that you have to fold the fabric twice. I can't imagine this type of cutter working well with four layers of fabric; I have trouble sometimes with just one layer of paper.
My preference would be to use my June Tailor Shape Cut or the Quarter Cut clear plastic mats with slot openings for cutting strips. The mat keeps the folded fabric flat and unmoving even when I am not actively cutting. With the strip cutter, you have to lift up the arm holding the rotary blade in order to move it to the next position.