The quick answer is, it can work, its legal by the PC you quoted.
it doesnt guarantee that you wont be detained arrested and charged with that same PC.
LE that want to go after you, will just go after you. The hope is most wont, and understand the law, but there will always be that 1 LE out there who is gonna teach you a lesson because they want to. Then you will have your day in court.
I have seen people use that holster, and maybe all the times you UOC it will be fine and nothing will happen. But there are no guarantees. I personally would carry with weapon and mags separate on opposite hips. One less thing they can try to stick on you..
You may think im being silly, but 1 UOC'r I know rubbed a LEO the wrong way and he got arrested for 653K (carrying a switchblade) for a folding pocket knife, while UOC'ing his handgun as well.. Im talking the same type of folding knife many of us wear clipped to our right front pocket. He just wanted to make it difficult and cost him time and money for his day in court.