Reddit reviews UCTRONICS Numerical Control DC 6-55V to 0-50V 5A Step Down Stabilized Power Supply Constant Voltage Current Buck Power Converter Power Supply Adjustable Module
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UCTRONICS Variable Bench Power Supply - Buck Converter DC 6-55V to 0-50V 5A Precision Digital Adjustable Step Down - Constant Voltage and Current, 10 Preset Settings Switchable: This power supply combines digital control with analog integration. Its output range: Voltage is 0-50.00V, step by 0.01V; Current is 0-5.000A, step by 0.001AThis step down voltage regulator can store M0-M9 10 groups preset value when power-down. Keep pressing M1 or M2 more than 2s, the corresponding data group will be extracted and displayed on the right of the screenThe 1.44 in colorful LCD monitor can display the preset voltage, input voltage, output voltage, the preset current, output current, output power at the same time. On the output state remind area, you can monitor that the key is locked or not, output is normal or not, the state of constant voltage and constant current, the current data set prompt and output opens or notThere are four button-"M1", "M2", "SET" and "ON/OFF", and a coding potentiometer. Can be used for to set the output voltage and output current on the main display interface, set the data on the data setting interface, set the protection value, adjust the brightness of screen, extract Shortcut storage data group M1 or M2, etc.Note: When the output of this step down voltage regulator is used for charging a battery or connect a capacitive load, there must be a diode in series with the output-anode, otherwise the regulator will be damaged
To answer your question yes you will get DC out and you can adjust the voltage with the potentiometer.
As for better options, yes and no. It'll work fine, a commercial product would probably add a lot of filtering and safety circuitry around it but for hobby stuff it'll work perfectly.
Another option if you want something more user friendly is to rectify the 24VAC and feed it into one of These. Expensive but if you're looking for a bench supply type of thing its quite good.
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How it works (of the top of my head anyway). The big black rectangle is a full bridge rectifier changing the AC to DC, this is smoothed by the first big cap (and normally some smaller ones) this voltage is the "chopped" up into pulses by the chip, this causes the current in the inductor to change. As an inductor resists changes it will try and keep the current constant so output voltage will be (in this case) lower depending on the frequency of the chopping. The diode prevents current flowing backwards into the input side of the circuit. The output voltage is then smoothed by the second big cap (again normally some smaller ones) then you have the output voltage. This output is controlled via feedback of the output voltage into the IC, the potentiometer controls the voltage the IC sees and thus the voltage on the output.
You can control fans and some pumps with a potentiometer (variable resistor) spliced into the power wire but I would be concerned with it heating up. I have an old one I can give you info on when I get home but there's also this regulator which would give you a nice display and adjustment point.