Depends what you mean by wall hacking I guess. Shooting through a wall should not be possible by your proposed method, and it could be expanded to prevent the player moving through walls also.
Seeing through walls though is a different matter. How does the server know if I have rendered an opaque wall or not?
Personally I see anticheat as a problem to be solved socially, not technically. Just let people vote to kick, and anyone who is generally accepted to be hacking will be kicked. No need for invasive Spyware.
It works for now, but the reason most wires have a rubber-like insulator around them is that it takes very little to Crack or abrade a thin coating such as this and turn it into a fire hazard.
I’m surprised a product with such a small safety margin is allowed for sale.