That bypasses the loader. It doesn't bypass gameguard unless you are using a hacked rohanclient.exe.
Also be aware that your game image may not match the server's image. When that happens all kinds of nasty things can happen up and including you blowing crashing the clients of other players in our immediate vicinity (note that your own client crashes too). In mild cases strange things happen like stuff disappearing from your inventory or crashes when your clock on a skill or an inventory item.
Use this solution only if you are 100% sure you do not require updated bin, ui or gem/gel files.