With the heat shield in place it ought to be fine.
Also, harder to see from that photo angle, but the BOV is forward of the CHRA, which isn't as much heat as over the CHRA or, god forbid, the hotside turbine.
If the valve melts, it doesn't open, so you are running with no BOV at that point. This is more of a problem (reportedly) with the knock-off HKS clones than with the actual HKS part.
Also, harder to see from that photo angle, but the BOV is forward of the CHRA, which isn't as much heat as over the CHRA or, god forbid, the hotside turbine.
If the valve melts, it doesn't open, so you are running with no BOV at that point. This is more of a problem (reportedly) with the knock-off HKS clones than with the actual HKS part.