Laminate is basically any type of sheet material that is designed to be adhered to some other surface. You can't laminate (verb) a surface without using some sort of laminate (noun) in the process.
Contact paper, and this much thicker material, qualify as such. You were most likely expecting a rigid laminate instead.
But that stuff you have is fine, as long as you properly prep the surface. It's designed for covering speaker housings, which are often made of MDF or some other man-made wood product with a smooth surface. A little filling and sanding and you will get a good end result. But don't even think of putting the thin stuff on raw plywood, or uneven surfaces. It'll probably not stick well, and it certainly won't look very nice.
Oh, and you might be surprised to find that it will route ok, as long as it is adhered well and you have a sharp cutter.
RandyT