This is obviously a step in the right direction, as it at least partially removes the JVM from the equation, but the devil is in the details and this by itself is not enough.
Also worth pointing out that, according to the docs, there is no guarantee that direct buffers are allocated outside the java GC heap:
> The contents of direct buffers may reside outside of the normal garbage-collected heap
https://docs.oracle.com/javase/7/docs/api/java/nio/ByteBuffe...
A better alternative would be to actually mmap some memory for the buffer, and then use mlock/mprotect/madvise to prevent paging, unexpected accesses at the wrong time, and core dumps of sensitive materials. Still far from perfect, but already substantially better.