Thank you for your question.

Unfortunately, we haven't tried this craft ourselves and as Gutermann do not specifically state this thread is suitable we aren't able to say for definite or not.
We have had a quick look at some reference information regarding English Paper Piercing and have found information suggesting that fine threads are the best option which the Invisible thread is a fine option as such we see no reason why it shouldn't be suitable. 
Other information we also found would suggest using a fine silk thread like the Gutermann S303 Silk a fine polyester thread like the Gutermann Extra Fine with other sites specifically naming the Mettler Silk Finish 50wt cotton thread as a good option. These options are coloured threads so would likely be used in a different way to that of a completely invisible looking thread such as the one being questioned about.

Our apologies we aren't able to provide a definitive answer for you.

Kind Regards
Mark