That looks like an excellent value for money instrument.
With a +- 1ºC accuracy, I defy anyone using normal amateur darkroom developing with a hand tank or dish development for paper, to come anywhere near the same tolerance factor during the length of the developing process. Temperatures just swing, not too much you can do about it.
I know that if you have a tempered water bath processor like a Jobo CPE2 or higher model unit, then your tolerance factor can tighten up, but consistency is far more important.
I have an extremely good electronic thermometer which has three ranges of measuring. It will measure between -200 to +1,200ºC. The readout can be adjusted to four decimal places, but the accuracy overall is to two decimal places only. Unless you get a narrow band calibration done and then it will be accurate to three decimal places.
I purchased this for a process at my work about 18 years ago at a then cost of $1,200.00 tax free, with tax for normal people it was around $1,500.00.
Today the same unit still costs over $3,000 without tax.
Mick.