Yes, it works, but it depends on which vCard splitter you are using because not all VCF splitters work properly with all VCF versions and all vCard files exported from different apps and platforms.
So make sure first you are using the right tool that supports all vCard versions like 2.1, 3.0, and 4.0.
In my opinion, you should try WholeClear Split vCard Software. I found this software on some forum sites when I needed to break my VCF files that were in different formats. This is a helpful option because it supports vCard 2.1, 3.0 and 4.0, and it can easily handle VCF files exported from apps and platforms like Outlook, Skype, iCloud, G Suite and other sources. This matters when contacts come from mixed devices or accounts. It splits one large vCard file into separate contact files while keeping details like name, phone number, email, address, images, logo, URLs and notes safe. You can also preview contacts before splitting and choose where to save the output files.
A simple tip is to test the free demo first. It lets you split 25 contacts, so you can check the output before using it on the full VCF file.