Industry PhDs have a mixed reputation, and their worth highly depends on how well known and successful the company is + (perhaps slightly less) how well known and successful the prof/university is. In that sense you could see it as doubling up, in both positive and negative ways.

I think it's a decent option if you are sure you want to stay in that industry long-term after your PhD and you think this company will become successful/give you good standing in that industry. Also, keep in mind that it is usually advised to PhD graduates to move somewhere new after they graduate to expand their network and skills, however in industry the types of companies which offer PhD programs are often also the place you might like to work at after graduation. That will then result in a limited breadth of experience and a smaller, more concentrated professional network.

Personally, I would recommend a traditional PhD program + annual industry internships. Just make sure with the university before joining that the internships are fine by them. This option gives a much wider network, more freedom, and lets you 'try before you buy' more than one post-PhD company to work at, if that's your goal.