Cool yes, immersive no. Most theaters and Home theaters spend a lot of money making sure the light from the screen does not reflect or lightup the walls, ceiling, and floors, for a more immersive feel. This does the exact opposite.
You’d hate a ScreenX theater that projects images on three walls then. A little colorful bias lighting doesn’t ruin immersion for me. It enhances it. Makes the screen feel larger to me.

They aren’t blinking lights. You make it sound like someone strapped Christmas lights to the back of the tv. You can alter the color saturation and brightness to suit your tastes and they fade between colors smoothly.Yep. Some non-moving/flashing neutral bias lighting around the screen can help with eye strain, but blinky lights no matter how cool they might seem don't really help with the viewing experience.