Wellll...Yes and no. K.O. is live aerobic bacteria which needs a decent supply of oxygen via the tank vent to work as advertised. Iow, the tank has to be able to "breathe." Ideally, vent lines should be short (5-7'), straight as an arrow, and not rise more than 45 degrees, 'cuz the gasses in the tank don't rise and ambient doesn't fall...45 degrees is the closest to vertical that will allow them to exchange.
"Ideal" can be impossible to achieve on most boats, but it lets you know what you're shooting for. If the vent line can't be straight, make sure that any bends in it are gentle sweeps, only one MAYBE two, no longer than 8-10'.
"Vent" thru-hulls are designed to keep sea water out of fuel and water tanks...they're totally wrong for waste holding tank vents because they restrict the tank's ability to breathe, but boat builders save a few pennies by using the same thru-hull on all tank vents. Replacing the "vent" thru-hull with an open bulkhead (aka "mushroom) fitting is the best thing you can do for a holding tank. Not only does it allow the tank to breathe, but you can prevent vent blockages by putting a hose nozzle against it to backflush the vent line on a regular basis. Anything trying to set up housekeeping in it will just be flushed into the tank.
That's the complete answer to your question "does KO work as advertised?" The short answer is: as long as it''s getting enough oxygen for the bacteria to survive.