Here you find the information about this module: https://docs.m5stack.com/en/unit/hall
According to the schematic it contains three A3144 Hall-sensors and a 74HC08 AND-Logic.
The datasheet of the A3144 tells me that it has an open-collector output and the schematic that they are pulled up to 3.3V by resistors.
So the function is: as long as all three sensors are not in a magnetic field that is higher than the level for switching (see datasheet), the AND gate output is HIGH. If one or more of the sensors are triggered by magnetic field, the output goes LOW.
There is nothing to configure or program inside the module. The decission if the module fits to your project is up to you. By the way, if you plan to use a Arduino compatible controller it might be an option to use one that is based on ESP32. The controller already contains a Hall-Sensor.
Just that you know: M5Stack does not make a mystery about the inside of their modules. You always find a schematic and all the datasheets that tells you everything about the hardware and its function. It is a big benefit if you learn to read and understand this informattion.