That looks like a "get you out of trouble" device rather than a long-term solution.
No. They are actually quite sturdy, last a lifetime. They're often used on printing presses on the inking roller shaft drives. They're called slip rings there because they offer some amount of slip without doing any damage to the shaft or frame.
They are a one-time use though. If the roller needs to be taken out for some reason, the ring needs to be renewed.