Yes, the formula is correct, see Sansuc, J.-J. Groupe de Brauer et arithmétique des groupes algébriques linéaires sur un corps de nombres. J. Reine Angew. Math. 327 (1981), 12–80, (10.1.2).
In the extreme cases (when G is semisimple or a torus) there are formulas for ${\rm Pic}(G)$ in Lemma 6.9 of Sansuc's paper.
Namely, when $G$ is semisimple with fundamental group $B=\pi_1(G_\bar k)$, we have
$${\rm Pic}(G)=X^*(B)^\Gamma,$$
where $X^*$ denotes the character group and $\Gamma={\rm Gal}(\bar k/k)$.
It follows that the order of the Picard group is bounded by the order of the fundamental group of $G_{\bar k}$.
When $G$ is a torus, we have
$${\rm Pic}(G)=H^1(k, X^*(G)).$$
For a general reductive group $G$, set
$G^{\rm ss}=[G,G]$ and $G^{\rm tor}=G/G^{\rm ss}$,
then for the semisimple part of $G$ we obtain $$\#{\rm Pic}(G^{\rm ss})\le\#\pi_1(G^{\rm ss}_{\bar k})$$
and for the toric part we obtain
$$\#{\rm Pic}(G^{\rm tor})=\# H^1(k,X^*(G)).$$
From the short exact sequence
$$ 1\to G^{\rm ss}\to G\to G^{\rm tor}\to 1$$
we obtain an exact sequence
$${\rm Pic}\ G^{\rm tor}\to{\rm Pic}\ G\to {\rm Pic}\ G^{\rm ss},$$
see Sansuc's paper, Corollary 6.11. We obtain the following bound:
$$\#\tau(G)\ \le\ \#{\rm Pic}(G)\ \le \# H^1(k,X^*(G))\cdot \#\pi_1(G^{\rm ss}_{\bar k}).$$