I've got one. Not sure if it is TDK, but sounds like it is similar. It just takes a second or two to demagnetize the heads. If you have the deck powered on, you will see the level meters max out then drop back to zero. Then it is done. Mine has a small LED in it that comes on while it is demagnetizing, then goes out. It is a very loud signal, so don't have the output turned up at all. They work by applying a VERY LOUD A.C. signal to the head and then letting it decay to zero. It is best if you can do it without turning on the deck, but some (like my Aiwa) need the deck turned on to move the heads into the play position. I just keep the output level of the deck turned all the way down.
Do they work? Yes. I'm not sure how they compare to the 60 Hz line powered, hand held demagnetizers, but I've used mine for years and I think it does a good job. One down-side is it does not demagnetize the entire path. Only the playback head. I use my hand held unit from time to time to take care of the rest of the path. But on my deck, not much in the path besides the PB/Record head is magnetic (ferrous) anyway. About the only other part that contacts the tape that seems to be ferrous is the erase head, and it isn't likely to get magnetized if you record something from time to time. The erase signal should keep it "clean". The rest of the parts that contact the tape appear to be stainless or something non-ferrous on my machine.
It is quick and easy and you can do a quick de-mag every time you play a tape if you want....
Terry