I haven't seen this product, but it sounds like what I've been using for years.
Most fabric stores have clear vinyl on rolls, in maybe four different thicknesses.
I bought the smallest amount I could which was 8" by the width of the roll, I think it was the #2 weight.
From that width I cut strips the size of the thread, 2" or whatever.
pull it through my fingers a few times to warm it up, wrap it around the thread, and it sticks.
for a dollar or so I've been protecting my thread for at least 10 years or more.
It gets kind of stiffish if it has been on the thread for awhile, just run it through your fingers, back to new.