Welcome to the community!
In my humble opinion, No it is not a good set-up. Or rather parts of it are redundant and not well thought out.
Blue Iris, is a video camera management and recording software, so is the Amcrest NV1408E-HS. You have to pick one or the other. If you want it to integrate nicely with hubitat pick Blue Iris. Instead of the NV1408E-HS you will need: Blue Iris (running on a windows computer), a POE network switch that has enough powered ethernet ports for all your cameras, and storage space to store the video (this could be on the windows computer running Blue Iris or some other place on your network).
Once you have the Blue Iris set-up; all you need is the cameras. Realize that Amcrest does not make any cameras they just rebrand cameras that are made by other manufacturers. Most Amcrest cameras are made by Dahua. Dahua also makes cameras for other manufacturers. You can also just buy the Dahua cameras directly, which is usually the best bang for the buck. You can read this for more information:
I use Blue Iris and Hubitat (HE) in my own home. But I think it is important to note, that although HE and Blue Iris play nice together, setting up a camera to be a motion trigger in HE is not a novice thing to accomplish. It requires a fairly good understanding of both the Blue Iris software and the Hubitat user interface. It is not too hard and there are many people in the forum who are glad to help, but it is not "plug and play".