John, John, John.
All you need to ask is "Hey, I'll be in town and I'd like a fun drive in the Illawarra" and we'll sort you out with PLENTY of tips!
The road you asked about is Jamberoo Mountain Road, right? Yes it is entirely sealed. It starts at Robertson Pie Shop and is mostly 100km/hr zone until just before Barren Grounds. Then you get some very nice twisties before dropping into a narrow pass down the mountain. It's much narrower and a bit rougher than Macquarie Pass, with more blind hairpins - not as flowing. There is a short washed out section at the moment with one lane traffic control operating. You then pass a monastery and the road flattens out for a bit (still twisty), then you have a long straight & steep descent, before a couple more twists and that's it. At the bottom it's country windy lane at 80km/hr, with one more wash-out bit with one-way flow. In summary: not on par with Macquarie Pass but usually less traffic and it makes a great loop when combined together.
I also recommend the roads from Jamberoo to Albion Park, Jamberoo to Kiama, Jamberoo to Saddleback Mountain, Saddleback to Kiama, Jamberoo to Dunmore ... before you think about heading north or south. If you're lucky with traffic, all are a joy to drive.
Not so fun of course, if you get stuck behind the reverend and his wife in their LTD!