Welcome newcomer

You should just do a search here for ArcadeVGA. You'll find a lot of users here and a number of threads about it.
I don't know if I can answer your question in its most literal sense, but overall the answer is "yes". The ArcadeVGA is specifically made for just what you're looking for. It's a direct interface straight from your computer to an arcade monitor and it's almost inevitably the recommendation of least resistance.
In the most literal sense of your question if it's "really as simple as they clam it to be" that might be debated by some. I occasionally see threads where people are having trouble configuring something with their ArcadeVGA, but overall the answer is probably "Yes" it is that simple.