Component pads on the board are much to close to use a small stencil, one pad or one component footprint at a time. Apart from mechanically complex to have a mini stencil, stenciling is messy work. You really need to stencil a whole PCB in one go.
Using a dispenser like this has limited application, whereby some fine pitch rows of pins you cannot do individually because you can't deposit very small thin amounts cleanly. But there are techniques to draw lines of paste across a row, although can involve re-work. The dispenser however will be fantastic for doing a limited amount of work, where you wouldn't want to go to the effort of making a full stencil. Much better than manually paste dotting by hand!