The life and length of days and shalom that Solomon’s teaching will give to his son is ultimately eternal life. This is why they are to be bound to the person and written on the heart, an allusion to Deuteronomy’s prediction of the new covenant in Deuteronomy 30.
However, these verses are not teaching that obedience to the law leads to eternal life. Rather vv. 5-8 make it clear that it is trusting in Yhwh will all of one’s heart and knowing him in all of one’s ways, and fear Yhwh rather than being wise in one’s own eyes that enables walking according to the divine commandments.
Verses 11-12 reveal that the obedience of such a person will not be perfect, for Yhwh will need to discipline and reprove. Thus, this passage really is presenting eternal life though faith alone, but not a faith that is alone.
Regarding the promises of heath and wealth in these verses: though there may be some experience of these as a result of living wisely in this life, they are ultimately looking toward eternity.
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