After the approval or auto approval of the product, all the product added by the vendor/seller will become part of the global catalog. Hence any module or plugin by the third-party will work as a normal feature of WooCommerce.
But the vendor/seller will not be able to manage those third-party plugin features from their panel of the marketplace.
Example : If there is a third-party Auction plugin is available over the website then admin will be able to add different auction but not the seller.
In that case, you will have to use our Marketplace Auction for WooCommerce plugin to provide the Auction feature to the sellers.