I have a lot of tops in this sort of style, which I love, because it feels so cozy and is forgiving for my less-than-perfect midsection. This is the sort of top I tend to reach for when it's TTOM, in fact, and I'm all bloaty. Or mid-cycle when my tummy expands. This week I've been all over this style, in fact. I have gone temporarily from hourglass to apple. (yeah for perimenopause! LOL).
However! - I always layer over a cardigan buttoned at the waist, or a structured blazer that has waist definition. If you don't do that, you have no waist! Then the blouse just kinda floats miraculously over the bloaty bits and makes them disappear.
But - I would be concerned about the sleeves on this particular top. Because of the elastic/puffiness, they may not work that great under a cardigan. If in doubt, try it on with a cardigan.
Also, I don't think this style works so great belted. It will puff up too much above and below the belt. Especially if you have broader shoulders or a generous chest. I may even have pictures on my hard drive, showing how this just does NOT work....
The color of that top is gorgeous.