PvZ wise this might work since the Zerg is usually willing to take a fast 3rd as a response to FFE, but not necessarily a 4th. Since the Protoss usually has minerals banked once its economy kicked in, it allows for a good timing on upgrades with extra Chronoboost.

Against Terran this doesn't really work well though. While Protoss is usually fine on minerals, this is assuming a full 2 base saturation. Early on minerals is just as important as gas for holding early aggression, which Terrans will exploit because of their early game advantage with mules. Giving away 400 minerals that early will just flat out kill you.

Hong makes it work because he's that much more skilled than his opponents when he wins with this build, especially against Terran. I've actually seen him getting slaughtered doing this build against both Terran and Zerg because they just all-in him when scouting the macro nexus.