In general, yes, it works.
That's not a good channel for getting early adopters, but for the growth stage, yes.
I've used Facebook and LinkedIn in this respect.
Facebook generates much more impressions than LinkedIn, but LinkedIn's impressions are of much higher quality (more relevant). That's hardly surprising - Facebook is much bigger, but LinkedIn knows much more about its users. Also, LinkedIn's PPC price is significantly higher than that of Facebook, but some of the Facebook's clicks seem to be caused by bots (there are several lawsuits on that matter, actually), so the effective PPC may be higher than it looks. The first time I tried paid advertising on Facebook, about 30-40% of the visitors that came via that ad were bots (didn't even have Javascript on). Others have reported even higher percentages.
Ultimately, I'd say it doesn't matter much which of these two you choose - what matters more is where your potential clients are (and what's their LTV). If you are a B2B, then LinkedIn is probably the best choice of the two.