Um, no it's not an app locker.
All it does is give you a pass code protected list of shortcuts to apps. Access to the apps list is not restricted.
The app description notes
NOTE: Your apps will still be visible in App list though this app will keep your start screen protect where max of the users access the apps! It’s again due to windows phone os limitation they don’t allow us to lock the app list apps!
So using this app locker is pretty pointless in that respect because all you need to do is not pin those apps to the start screen. For the owner, swiping left and using the jump list is a far easier way of accessing the apps.