Since it’s made of cloth, and silicone rubber for the rings and silicone bead, I don’t see why it would be an issue. But, if in doubt, err on the side of caution and keep it in your luggage, or perhaps only wear the Stealth itself, without any retaining bands.
If it were me, I’d probably just keep it in the luggage. Scanners these days can see more than we’d prefer.