Yes it will but the temperature range for specific wax may/may not be attainable depending on how old the iron is. Plus the even distribution of the wax could be an issue if the bottom of the iron is porous or not completely flat.

An iron like the Dakine adjustable tuning iron is ideal because there are no holes like that on the surface of a regular iron. With a regular iron, wax builds up and gets inside and reheats again for the next time you use it. It doesn't sound like a big deal but fluorocarbons aren't the best thing to be breathing in anyway, much less an excess of them. Also, the range of temperatures on this thing are more precise/designed for waxing- how do you determine at what temp you should wax your board if all you have to choose from is cotton, linens or wools? Another point is packability, this is easier on your overall weight and space inside your baggage.