No, that 3-in-1 adapter will not drive multiple monitors.
What you need is either a system that combines 2 monitors, or a system that chains them. While DisplayPort allows for daisy-chaining displays, this only works on supported hardware. This means your monitors need to both have two DisplayPort connectors and official support from the vendor and inside in the chipset to make this work.
I believe that you aren't going to buy two expensive chain-able monitors since, well, you don't want to buy an expensive adapter ;-) The next stop would be stuff like Matrox's DualHead2Go. That is a device that allows 2 displays to be connected to a computer as one big display. http://www.matrox.com/graphics/en/products/gxm/dh2go/digital_se/
It does cost quite some money, so it might be in your category of 'expensive adapters'...
The problem with your question is that it is rather specific. It's a niche that most people don't even know about, and not a lot of sales or development is happening there. While it could probably be done cheaper, there simply aren't a lot of options here.
Just remember: one video port can only ever drive 1 display, unless it's a daisy chained display port system or a device that turns 2 screens into 1 big virtual screen for the video port. There is no cheap 2-in-1 adapter to make this happen.
Small addition: you might be able to solve your problem with a USB DisplayLink adapter if you do not need 3D video or accelerated 2D video. It's a video card with a USB connector on one end and a video port on the other. It won't be fast or high-performance, but if you simply want more desktop space, it might work for you. You would end up with one of these: http://www.displaylink.com/shop/adapters
I would go for USB-C to DisplayPort directly. That would be one relatively inexpensive ($20 to $40 US prices) cable to do the job. Since your display won't charge the MacBook and do video over a single USB-C cable and you have several ports (display side and Mac side) - a dedicated cable would be my choice.
I like the USB-C to HDMI adapter you mentioned for my MacBook since there is only one port and charging plus USB is needed, but on the MacBook Pro you have several ports and can use one per display without too much hassle. It will work for you, though - just not my first choice.
Apple even recommends against using the adapter you mention for bridging between a Mini DisplayPort device and thunderbolt 3.
- https://support.apple.com/en-us/HT204154
Note that although it uses a Mini DisplayPort connector, the Thunderbolt 3 (USB-C) to Thunderbolt 2 Adapter doesn't support connections to Mini DisplayPort displays.
If you only want two external displays, both 13 inch models of MacBook Pro are suitable. You'll need the 15 inch models to support 4 displays. That might be a non-issue if you only have one Dell display to connect.
Best Answer
Yes. This is exactly how you would do it.
I would avoid using HDMI on your first monitor and instead opt for a pure DisplayPort to DisplayPort connection (the Thunderbolt ports natively output a DP signal). But if you must, use an active adapter for best results. As for the monitor that uses the DVI port, a simple converter should do, depending on the monitor. Depending on the resolution that monitor is capable of, you may need a dual link DVI adapter. In that case, it must be active.