It depends on the size of the hole and how much you want to spend. I found what looks to be an identical copy here and it appears the smallest size hole you can make with this tool is 4". Obviously it's going to be slower than a power-tool so you'll have to weigh in how many you are going to be making versus cost. You can buy a typical hole saw kit like this relatively cheap set, this particular one only goes to 5" but you could also buy individual ones of some larger sizes as well. I also found a power-tool version of the cutter you showed:
Product link. This one is significantly more expensive but will make larger and smaller circles, it will cut through more materials like most thin wood products, maxes out at 1" depth but has depth guide, and solves the dust issues.
Personally though, I expect to make dust and unless I have to make a large amount of these, I would buy the cheap one and find a way to attach a bit to the back of it so I can use a power drill.