PS4, when used vertically, uses indentation on it's sides (or bottom & top, when put vertically) as air intake/output. When you look at official stand, it has matching indentation in the middle, and holes to allow airflow near the bottom. This is just piece of plastic, that not only doesn't have any holes to allow for proper airflow, but because of high walls at the sides, actively interferes any kind of airflow.
I've used it once, and won't do it again, until I'll find some time to make some holes in the middle and sides, but I'm also afraid that might not be enough.
Would not recommend it - PS4 run warmer when used vertically anyway (it's not designed for that orientation per se), adding this to equation might just be too dangerous for your precious, new console.