The V.T. 230 means that it is designed for 230V nominal mains voltage. i.e. you can plug it in to the wall.
The H.P most probably relates to electrical horse power (slightly different, but not by much from mechanical HP).
If we assume 1/12 HP is in electrical horse power, then we can convert that to Watts.
1/12 HP = 0.083333333 HP
That equates to around 65W so that little triac board should easily be able to cope.
If on the other hand, it is 1/2 HP, then we get 373 W, which the board should still be able to handle, but might make it run slightly warmer.
You can protect the outlet with a 5A fuse in your mains plug, and even in the unlikely event that the board throws a hissy fit, it won't do much more than let out a slightly pathetic puff of smoke, and pop the plug fuse.
Actually it will probably trip the breaker in a modern household, since if you so much as sneeze next to a modern household breaker it will trip . Either way, fit a 5A fuse to be on the safe side.
One other thing the fuse will do, I suspect is pop if you stall out the motor. Better that than burning out the field coils I would suggest.
If you saw in the bigclive video, you can (very carefully with a suitably insulated screwdriver) adjust the minimum speed to avoid the motor "chattering" and overheating if you try to run it too slowly.
We can re-visit this when you come to test the thing.
Incidentally the fuse wont stop you from getting a shock if you do something stupid (but the breaker might), its purpose is to stop you burning the house down, or blowing up the breaker in the local substation.
Electrical horsepower to watts
One electrical horsepower is equal to 746 watts:
1 hp(E) = 746 W
So the power conversion of horsepower to watts is given by:
P(W) = 746 ⋅ P(hp)