This coating looks like it can selectively make parts of the satellite radiators or insulators, as to regulate temperature. But I don't think it can change the fundamental physics of radiating unwanted heat and that you can't do better than black body radiation.
Indeed, graphene seems capable of .99 of black body radiation limit.
Quote: "emissivity higher than 0.99 over a wide range of wavelengths". Article title "Perfect blackbody radiation from a graphene nanostructure" [1]. So several rolls of 10 x 50 meters graphene-coated aluminium foil could have significant cooling capability. No science-fiction needed anymore (see the 4km x 4km NVIDIA fantasy)
[1] https://opg.optica.org/oe/fulltext.cfm?uri=oe-21-25-30964