Yes, it will hold water, but as noted, a 1 minute/1button fix and you're back in business. Supposed if it rained buckets all day, I'd do it a couple of times. Obviously, the main awning should already be stowed.
You probably could install it yourself, but it's a pretty long, bulky item....a several beer job. I'd say just pay and have it done and be on with your day. Think it took them maybe 30 min tops to install it on our HTT.