2 concerns:
How much heat are you running? My hoses have to breathe because of the high heat we run.
Wetness/Dampness? How quick does that cover dry out? If it gets wet, having the moisture stay on this hose is not good long term. I had used a black rubber protector on the the first 2 ft of the hose to protect against it breaking at the crimp. It caused the hose to break down prematurely at the crimp. I now keep a CLEAR 3 ft protector on it so I can see what is going on.
Keeping that cover clean would seem like an issue as well. The parflex can be wiped clean after every job.