It's a bit of apples and oranges. The basic reverb on the Tonex units are probably fine in terms of having some basic ambience to work with when practicing direct, especially if you were to use headphones, which only the bigger 3-footwsitch Tonex and the Player have. But not as an outright replacement for a good quality versatile reverb. If you wanted to use the little Tonex on a pedal board, it is of course quite small and cheap. However, with the practical live limitation of having a single foot switch and lack of effects, you will invariably need to buy or at least make space on your board for more pedals to cover things the baby Tonex (and for that matter the original Tonex) don't do. You are also more drive pedal dependent on the baby Tonex as you can't quickly access more than two captures. So no net space saved on your pedal board. No money saved either unless you already own pedals that cover the things the baby Tonex can't do but the Player can.
That was my thought as well.
By the time you put the ToneX on a pedal board, added a good verb and a good delay and a good compressor and a good eq, you would be larger, less flexible, and more expensive than the Player.
My personal thought is that today, the biggest competitor to the Kemper Player is a used Kemper toaster or rack which can be had for around 1K :).