Yes it does work. If you are a natural then training a bodypart 2x a week is best. Once you reach your genetic limitations going to once a week will maintain your physique.
People who use anabolics seem to do just as well training with splits and bodyparts once a week.
You can give both a try and see what works best for you.
one ironic thing though is if you want to use higher frequncy. you need to use volume. if use really low volume and high frequency you will overtrain easier.
if you're trying to put on muscle (offseason), then i think twice a week is by far the best. you get twice as many growth phases. any more than twice a week and chances are you don't recover properly. pre contest i think once a week is sufficient.