It worked for me. I've tried it with feral cats who had essentially zero human interaction history, and I made great progress without involving food or other trust-making processes.
It's not a magic bullet but more of an amplifier. Cats probably use far many data points alongside to assess safety.
It’s worked for me with multiple strays, one of whom is no longer a stray. The other one who hangs around is still quite feral, but he has grown less skittish over time.
100% works. Staring or looking straight in the eyes is seen as hostile/threatening/a threat/a provocation