The Palestinians will have a clear way of knowing where their border ends. It will also provide a method for Israel to monitor any attempt of attacks approaching its border.
The border security measures failed when Hamas successfully entered Israel and slaughtered 1200 citizens. The people slaughtered were focused on benevolence, including health care workers attempting to care for the wounded. These people were completely unarmed and I am sure they believed they were protected by international law. Well, international law be damned when it comes to terrorists such as Hamas. Hamas has no respect for others.
The most classic example of such use of land is the Korean Peninsula DMZ. Bush visited it and Trump crossed it after exchanging love letters with Kim after he assassinated his own brother.
The Buffer Zone will work as Israel has managed to reach the entire border with its military. There won’t be peace because Hamas won’t allow it, but, there will be a stabilizing force to the area.