Is this a little spray bottle of water for $5.99? Yes.
Is it worth having to be able to practice using your pepper spray with your friends without needing to rinse their eyes with saline for 20 minutes afterwards? Also yes.
Provides the same spray range as the real keychain pepper gels, so you can safely practice using your pepper spray by yourself or with friends in self-defense scenarios. As corny as it can sound, it's absolutely worth getting practice reps drawing and using your spray until you can do it quickly and smoothly.