Yes, it's been used for centuries so it most likely still does the job. Boiled, not cold pressed so it won't go rancid.
And as with all oil treatments, the procedure is as follows: Flood with oil, apply more on instant dry areas. Let the wood suck for a while, about 15 minutes to half an hour or so depending on humidity and temperature. Wipe the oil properly off before it gets tacky. After some five minutes wipe the sweating oil off again with a clean towel. The surface should be dry after the treatment. Repeat if necessary every year or so, again depending on the variables.