Gidday,
Yes, it works but takes a bit of figuring for each given situation. Firstly, this system assumes you have enough distance between anchor point and vehicle to use the whole length of snatch and a bit of chain (length to suit) as well. The chain is between snatch strap and hi-lift. I have a couple of chains that I can adjust or set the working lengths and so when using a snatch strap I simply estimate how much stretch or force I want and make sure I have at least that amount of chain between the two. No two situations have been the same and so no one solution applies to all but if you have a variety of recovery gear, a bit of nerve and time, things usually happen for the better. Things can go bad though so the usual disclaimer etc...
I have been out 'practising' a few times where while not stuck have still gone out and attached it all to see what things are capable of and all the how-to's etc. Makes actual recovery work a slightly more experienced thing rather than learning on the job. Fun too to see other marques driving up and start scoffing at me only to see me pack up 'mid-recovery' jump in and drive away when things get 'crowded'. Don't like crowds. ;)
Since installing the old Thomas winch I have not needed to use any other method for self-recovery (the reliability of this old thing is great). Mid mounted with the rope still only exiting the rear, I have not needed the hi-lift for anything other than lifting. Soon now I will route the rope through to the front and have all the extra versatility this will bring.

