If you're getting that much plastic, it's likely you need to drill or design the hole to be deeper and or wider. The only time I've seen that much plastic come back up between the bit and the insert is if it's hitting the bottom and melted plastic has to go somewhere. So make sure the hole is deep enough and wide enough.
I was doing a lot of pressed threaded inserts into 3d printed parts using my normal soldering tips and it was always annoying to key the angle just right and to stop the insert from wandering while doing in, this addresses these issues. I have a Hako FX888D and it fit no problems, I think it spends more time on the iron now than the actual soldering tip. If you do inserts a lot if definitely makes your life easier. Shipped fast