No. That is a splitter. Right at the bottom of the description it says:
"This is splitter cable. You can only connect one input device (i.e. DVD player,cable box or satellite receiver) to two output device(i.e. TV or projector).You can't connect two input device (i.e. DVD player,cable box or satellite receiver) to one output device(i.e. TV or projector)"
A quick searched turned up this:
http://www.ramelectronics.net/html/40-814.html
Not too expensive. Judging by the description/specs it should work fine with no degradation, although I can't personally vouch for it.