Hope you didn't buy that for your Peg II.
Originally yes as I had a plan ;-) The card is detected when it's a second card, issue being that it wont let me have two ATI cards and stops the ATI driver from working.
Being however that it is shown in the list of devices there must be away of using it with dual cards.
Of course the firmware wont initialize the HD card on it's own so no display.
Overall there are too many limitations and gotchas with NG Amigas, not only hardware but software too is never straight forward.
After building a full blown A1200T (well apart from PPC) and its long long list of issues and restrictions the Amiga NG stuff is nothing although still frustrating.
I still find myself going back to the A500 with a Gotek USB and using WinUAE + AmigaOS 4.1 FE now and then.