Yes it does work, it take 2 or 3 weeks, depending on the bioload of the tank the filter is cycling on, the bioload of the tank you plan on starting up, and the size of the filter you are cycling.
If they are two similar filters, such as canisters or Aqua Clears, you can take a portion of the media from the cycled filter & put it in the new filter to give it a jump start.
Most of my tanks have spare filters running, as just in case insurance. Just in case I go bonkers at a fish auction, (it's happened, can't pass up a deal!) and have to start up another tank, or if a filter goes irrepairibly dead on another tank.
Tolak