Follow the directions and this stuff is a must have for sweaty handed folks. I don't know about dry handed folks so I can't say anything on that.
This plus endo chalk has been in my opinion the best combo. My grip is through the the roof with this combo. I don't buy into anything unless it truly works for me and this has been a regular purchase in my climbing journey.
Is it cheating? I don't think so. At the end of the day all this stuff is just different variations of chalk. Let loose and use all available tools. Climbing is not a regulated competition, it's a way to get your body moving and hopefully appreciate the outdoors.
