Most drivers are good and do see us on bikes and do behave acceptably.
A small minority of drivers are so poor they don't look where they're going &/or don't see what they're looking at. They cause most of the collisions and won't see you if your lights are as bright as a lighthouse and you have any hi-viz ever made. The only option is to spot them and get out of the way. (Same goes if you're on foot, on a motorcycle, in a car, or driving a JCB*).
Lights (day and night for me) are there to help the first category, try to wake up the ones in between, and are no use for the second category above 'cos they're texting/ sleeping/ looking the other way.
Hi viz (daytime) and reflective (night time) helps the good drivers see you early, might wake up a few waverers, and are no use for the second category above 'cos they're texting/ sleeping/ looking the other way.
I don't object to hi viz, I do wear it sometimes, but I only think it's useful in dull and wet weather like the last week's. Reflectives are of use on unlit country roads, but experience suggests they're chocolate teapots under streetlighting. My waterproofs and warm stuff are mainly bright yellow because that's cheapest.
I won't be buying the jacket in the OP because I think it's silly, won't help with anything, and will cost too much.
* If they hit a JCB it's messy scraping them off and they might scratch the paint, so still best keep the JCB out of their way.