There's no packet analysis in here or in poehud... Both do the same though, reading memory but I think this does it while attaching as a debugging thread.
This sets a breakpoint on the code that executes right after a packet is decrypted, and then analyses the packet if it is an entity packet like an item, if I'm not mistaken. So it's quite a bit more invasive than the HUD and it can be detected by the current anti-cheat.