Is this adapter compatible with Thunderbolt 3 devices?

No, the adapter is not compatible with Thunderbolt 3 (Type-C).

What video resolution does the Nippon Labs DisplayPort to HDMI converter support?

The converter supports HDMI resolutions up to 1920 x 1080 at 60Hz.

Questions & Answers: Nippon Labs 30DP-DPHDMI DisplayPort to HDMI Audio / Video Converter - DisplayPort 1.2 to HDMI Converter Adapter for DP-enabled Computers - 1920 x 1080@60Hz

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Item#: N82E16812816477
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Nippon Labs 30DP-DPHDMI DisplayPort to HDMI Audio / Video Converter - DisplayPort 1.2 to HDMI Converter Adapter for DP-enabled Computers - 1920 x 1080@60Hz

Compliant with DisplayPort 1.2 specification.
Support HDMI resolutions up to 1920 x 1080@60Hz.
Connect a DisplayPort equipped computer to a monitor, TV or projector with HDMI input. (An HDMI cable is required)
Gold-plated connector provides superior transmission, high reliability and durability.
Carry audio and video signals from your computer to a monitor for video streaming or gaming.
All relevant materials are complied with RoHS directive.

$24^.29 –