The one drawback of this method is that is is not locked to the internal clock like the methods used in GP as MIDI Clock Master. So should not really be used if relying on a internal GP modulation or sequencer to stay in sync with external hardware.
Where is does score it is very simple to drive external gear from the GP BPM settings. For synchonisation to work you would need to have the playhead running (with different code) or use the Ableton Link/PD solution.