sadly it works, even if you will get one follower per comment, you can just find 100 posts and comment all of them since its just a copy paste and you don't even need to read the post.
so yes it works, same as other stuff like follow for follow upvote for upvote and other stuff that end up promoting bad quality content rewarding people that are just willing to do anything (except good content) for money.
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Well it might work a little bit but never lead to any real success!