The simple answer would be "no". For the most the stuff works but (and it is a big but) there will always be areas that cannot be helped without complete removal of old paint.
Even with the use of any of the peel stop products if the paint is not, or cannot adhere to the surface then no matter what you do it's not going to work.
Basically the product works as it softens the paint chemically and then as it dries it tries to bind both sides of the cracked paint together, this process alone doesn't address the problem that caused the paint peel. If it was moisture related then you need to fix the moisture problem first.