Figured this one out myself.

Short answer: Yes, this works and is possible.

I replayed the use case on a fresh PDI and confirmed it was working as expected.

On our company instance I noticed that I had to make the following change:

1. Open Employee Center -> To-dos Configuration
2. Open the "Approvals" one

Confirm that under conditions you have the following conditions as well:

Sys ID is javascript:new global.ApprovalDelegationUtil().getMyAndDelegatedApprovals()
OR
Approver is javascript:new global.ApprovalDelegationUtil().getApprovers()

After adding this condition, it works as expected.