Is this tool from Nexus Mod bannable?

Windows is not exactly third party, as it is an integrated part of being able to run the game. More like second party.

The moment they name what is not allowed, silly people will claim that anything they forgot, or anything that did not exist when Blizzard made their announcement, must be allowed.
Nor can they mention which software is allowed, since that software might do something else tomorrow than what it did today.
All they can say is what functions you are not allowed to do. Which they mostly have. Albeit that too can be difficult to be too precise about, as people can get very creative with bending the rules. Stuff like this is much more about intent than anything else.

Not at all. It can simply mean that they are having a hard time detecting it.
People do not always get banned in sport for using performance enhancing drugs. Because it can be hard to determine. Surely does not mean it is allowed.

Since it is a required part of Steam, presumably not third party.

A feature or tool can be allowed, while using it in specific ways are not allowed.
If an overlay is not reading from, or interacting with, your running game, in any way, it is hard to see how it would not be allowed however.
Like, overlaying Helltides website would presumably be perfectly fine.

If the site read the game memory to determine which chests you hadnt opened yet, or something like that, then it would not be allowed.

If it isnt the feel they were going for, they sure failed at it.
They could simply add more RNG to the chests spawns, so it was different for everyone.

I see no justification for not having a timer for when world bosses and helltides spawn (I mean, Helltides should always be up), but similarly, if Blizzard didnt want it to be this way, they could change them to random spawn times.

:100:

Exactly.