Of course it works, but it has limited application in Spiritual Satanism. It helps calm and focus your mind on the present moment and enter a trance state and can be used as a warm-up before doing power meditations. It's much like the void meditation in the JoS website.
But it's nothing more than that. If you want to seriously empower your soul you should also do chakra empowerment and energy work, not just vipassana.
There was a woman who was new to Spiritual Satanism and was practicing this vipassana meditation. She said she could observe situations and things with great clarity but she felt powerless to change them. After she switched to power meditation she said she didn't feel powerless any more.