No, I don't think this event meets the criteria for earning world standings points. In the category "other international events" (after ISU championships, Grand Prix, etc.), I think the rule is something like, there must be at least 8 competors in each scored discipline, with at least four different countries represented. Also, the three people on the technical panel must be from three different countries.
About being "fair", though, that's another question and a good one. Is it fair to give out points for the winners of the Ondrei Nepela or Nebelhorn events, when some skaters get to go and others don't?
In any case, only a very few points can be earned in these extra events (300 total points awarded, compared to a total of 15,000 for Worlds, for instance).