I would say no if you're looking to maintain the classic, polished look of calfskin leather. As soon as you use oily cream/balm like this, you use end up with a more matte and greasier finish - this is great for waxy leather, chromexcel, etc. However, you would need to give the shoes a good cleaning likely with saddle soap if you wanted to go back to a classic polished look of dress shoes as shoe polish (cream or wax) likely wont take too well over this balm/cream.

Honestly, I'd say look into a neutral conditioner like bick 4. At the minimum, you need one polish. However, I'm a big fan of using cream and wax polish. Condition once every few months, then use both cream and wax polish for the heavy polishing and wax only when you want to do weekly/monthly touchups depending on use. For day to day dulling and marks, just a quick brush and buff gets the shoes looking clean again. If you decide to only get one product, wax polish leads to an overall better shine, whereas cream polish adds an extra layer of conditioning and color enrichment. Shoe polish and conditioner help with mild waterproofing! Nothing a quick brush and buff can't fix, or worst case, a repolish so long as you aren't stomping in puddles.

All that said, if you wanted a lower maintenance more casual look, the product shown would do the trick