It would work great. You'd lock the rear wheel to the bike rack with a ubolt, and that would lock both the frame of the bike and the rear wheel in one go. To lock the front wheel and the trailer, use a cable and loop it around and pass it through the same ubolt.

My point is that the bike racks that are just one large U shape are far more versatile. They work for road bikes. They work for short folder bikes. They work for huge cargo bikes. They work for the bike with they yellow trailer.