I don't have this particular cover, but I tried a similar product on my Prius years ago.
It's just stretched around the steering wheel but doesn't cover it all the way around, so when you grip the wheel, part of your hands are touching the cover material and part of them are touching the wheel material underneath, which feels a bit weird. If you rotate your hands while gripping the wheel, the cover can feel loose there. I also thought it was kind of tacky looking.
For my Prius, I ended up getting a custom leather steering wheel cover that's stitched on snugly and securely. Since the Model 3 already has a leather steering wheel, I don't feel the need to put something else over it.