After the approval or auto-approval of the product, all the products 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 the admin will be able to add a different auctions 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.