It does technically work, yes.
Unfortunately, it requires an absurd number of skill points to open anything, and the loot is no better than what you get from a random UNLOCKED chest or barrel. It's not worth putting any points into.
Put them into Pickpocketing instead. You can only steal X number of items from people (X is = to your pickpocketing skill level), but you get to choose what to take, and there is no risk or chance of getting caught.
