I thought the point of Iron Man's suit was that the Arc Reactor allowed for stupidly high powered "repulsor beams", which then allowed for force/heat to the generated. This just seems like another Jetpack style design.
Controlling power from your backpack doesn't wear the body down nearly as much.
[1] Flyboard - https://www.youtube.com/watch?v=m4Bm3cs9TFo
https://www.youtube.com/watch?v=deyMNPbaRpA
It looks insane. Though more Green Goblin than Iron Man.
In the comics, the first flying suit had chemical jets. And the early suits just ran on batteries.