It is commendable for thinking outside the box, innovation of thought for the enlightenment of progressive cheaper alternatives. Dry time alone would discourage use outside of the home, thee ole scuff, cement and feather edge patches are hard to beat, are cheap and fast and work. you could even spoil your beloved bicycle with a new tube. P.s. Do let us know how it works though.
. Chewing gum or tons of stuffed grass will get you moving again too
There are two kinds of people in the world, "Those who help themselves to people, and those who help people!"
This stuff looks to primarily be for fixing holes to prevent water coming in. Patching tubes needs something strong enough to hold high-pressure air. The glue in a patch kit doesn't really do this, the glue bonds the patch to the tube. It's the patch that has the strength.
Patching a tire needs to block the hole with something strong enough to prevent the pressurized tube for pushing out through the hole and preventing road junk from coming in through the hole. Water coming in is not an issue. Again, this usually calls for a solid, physical patch.
But if you squirt enough of it in there, it may hold. (but it'll probably be a mess!)