Visually nice but it's almost always going to overlap the thing you've right clicked. Under any circumstance I still want to see the thing I've right clicked.
Interesting concept, but I would add keyboard shortcuts (underlined items) to the menu to make it more of a reminder than be forced to use the mouse all the time.
This and many variants of the idea has been explored in games a lot - in particular in point and click adventures and isometric (or at least top-down view) RPGs. Probably also in strategy games and anything else that has both a cursor and context-specific actions.
https://bindpose.com/custom-marking-menu-maya-python/