In a nutshell, yes. But this tool was designed for bike shops, not home use, so it's built to take a beating, hence the price. The Park route should work though, but I would use a nicer chain tool, like one of the nicer Park ones. I've heard you have to have a more precise chain tool to work with the new chain.
I haven't heard anything about an 11spd reusable link and I doubt anyone will until ShimaNO comes out with a narrower chain. I just don't think the market is big enough to warrant it.
Hope that helps,