That is a retimer, not a pcie switch. You don’t have a server motherboard, so you probably don’t have bifurcation. ie x4x4x4x4 mode. So a single slot will only support a single device without a pcie switch.
That should work great then. I have my drive connected to the pcie5 variant of an oculink cable without a retimer called mcio. You may be able to get away without a retimer since your motherboard is using pcie3 instead of pcie4 or 5.
I have relatively small cases and dislike cable management. I went straight with the shorter cables.
I should note that I just found out that apparently different NVMe drives are more or less sensitive to signal quality.
My Optane P5800X drives have no trouble with the above mentioned setup. I just received Micron 7450 Pros that have trouble sustaining speeds on all ports. They connect fine on PCIe 4 speeds, but when tested the data rates are inconsistent and drop on the port with the longest connection.
So far everything is working fine with the slightly longer cable and no redriver. I did have to change my mounting location however as there wouldn’t have been enough cooling. I don’t think the case designers considered the possibility of u.2 when they put 2.5 drive bays on the back of the motherboard tray.