I don't have any experience with pickups in acoustic guitars.  But I've played guitars that used Fishman pickups & seen other players with them & I think they function & sound fine.  It seems like I've seen many acoustic pickups come with at least a volume control if not EQ controls.  I suppose it would depend on the model you purchased.

I would be wary of any electronic device that is that cheap.  It might function fine (or not) & might not last very long (cheap parts).  

Best of success with it!