Google "cargo cult"... That's what this is, a cargo cult effort to imitate something they do not understand.
My guess is that with all those angles, especially at the exhaust, it probably has a GREATER radar cross section than a conventionally designed aircraft. Without a true understanding of radar and low observable theory, mimicing a real stealth aircraft will probably have the same effect as hanging radar reflectors on the aircraft.
That said, if you build enough of anything you can make a pretty effective swarm. A couple thousand of those with unguided bombs and outdated short range air to air missiles would likely be a credible threat to a carrier task force.