Yes, it has bee tested on big low poly scene (like in Features films). if you select all objects (A key), it will work too. 

Please note that Subdivision button deletes all Subdivision Surface Modifiers to prevent multiple subdivisions Modifiers (and Blender crashs).

Still limit Viewport Subdivisions (3 or less can help you to work faster) and render Subdivisions  (value like 5 seems to be enough in major cases)