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No, it should not be bannable in its current state. Though with all mods, it is and always will be "use at your own risk"!

Due to Hypixel's vague rules regarding client modifications it is hard to say for certain and this mod stays use at your
own risk but I do not believe the mini-map is against the rules, here is my reasoning:

The mini-maps Hypixel is saying are not allowed take their data straight from the world and display it on your HUD,
while SkyGuide's mini-map uses pre-rendered images. This is important because Hypixel states the following in their rules:

a general rule of thumb is that any modification which provides any significant advantage to the players in any of our games - even if not in the specific game you are playing - using them anywhere on our server will be against our rules.

So a normal mini-map doesn't provide an unfair advantage in SkyBlock, but it does in some pvp games, especially if it
has an entity radar. SkyGuide's mini-map uses pre rendered images and hence doesn't work in any games other than
SkyBlock. So SkyGuide's mini-map cannot provide an unfair advantage anywhere on the Hypixel network.