Can someone ELI5? It looks like a portable hardware VPN to me?
That is one use case, yes.
As long as you are in range of it, you only need to connect it to the hotel WiFi instead of all your (family's) devices.
That is exactly it. This type of router is called Travel Routers. The USP of this device is that it uses “teleport” which is a Unifi feature and wireguard directly.
No details yet on the specs of this device I think.
Yes. Essentially a competitor to the hugely popular glinet routers but tied to the unifi ecosystem