Mhmm, for me it does, at least as the approximation it is meant to be. It works when i vary syncro settings to find equivalent settings at different timings. It even works to find equivalences between syncro and multiplex (at least at relatively small settings where multi is not completely outperformed by synchro.)
It also seems to work to find equivalent settings within pico and aparently at least nominally between syncro and pico - the synchro value should be smaller for a given timing than in pico because the time where energy is actually released is shorter. On the other hand synchro seems to be a lot more efficient than especially pico, and that’s not covered by the math.
Also not covered i the effect of the pulse form which is controlled by the geometry of the tip of the probe and the timing.
But remember: EL denotes a fairly simple model valid for a pretty narrow range (the actual physics will probably obey an exponential law of Arrhenius type to which the square relation is an approximation) and as such it is surprisingly good.