Depends, something reasonably sturdy like the Revolution tune-up stand will work reasonably well (assuming the panniers aren't asymmetrically loaded with stuff), as long as the pannier doesn't physically block its access to the chain/seat stays - which depends on the pannier and bike geometry. It will be a lot fiddlier to use, though.
Obviously a hoist or those wall brackets would work fine, too. Weight permitting. But those minimal storage/display type stands wouldn't cope.
Of course, if you're working on the rear brakes or drivetrain, you're going to take the panniers off anyway so you can see what you're doing.
You could get a propstand for day-to-day support of the panniered bike *and* a lift-the-rear-wheel workstand for tweaking the gears for well under 100 quid. That's my approach. Then, optionally, keep an eye out for a cheap full-size workshop stand, should you decide you need one.
