Video Cheapest option to watch movies stored on Ext HDD

The single end of the cable would go into the HDD and the Y ends would go into the Mediaplayer and the powered USB Hub.

Am I correct ?

yes, you are correct here. and the cable you chose is also of the right type. picture shows that it accepts full size USB connectors. just make sure your devices have the same type.
 
You can try Beelink GS1 too. Can play everything as far as I can see.

Search for it on GearBest and use Gati priority line shipping.
 
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