Technically, they're side lights, as is the orignal single unit. There's no requirement that they actually be on the bow, and on big and really big boats, they rarely are.
I mention that not to be pendantic, but to highlight that you can put them on the side where it best suits the boat and the ability to hide the wiring, including on the cabin sides if that's the most convenient.
The downside, if you want to call it that, is that they're probably made to be mounted with the vertical mounting surface parallel to the centerline of the boat, not angled toward each other like they would be if you just stuck them on the hull way up front. Tapered wedge shims should be used to keep their sweep angle of 112.5 degrees back from dead ahead (each side) intact if you mount them way up front. If they're not mounted as they're supposed to be, there will be a wedge of dead angle where neither the side light nor the stern light will be visible to other boats, and that's not good. One is supposed to take over where the other leaves off.
The red and green only need 1 mile of visibility, and the masthead (steaming) and stern white lights need 2 miles. The light you posted is good for 20 meter boats, which means it's got 2 mile visibility. You could, if you wanted to, use one with 1 mile visibility, good for up to 12 meter boats, but there's no reason you couldn't use what you posted, as those are only minimums.