hi vinikon,
I can assure you it works. Here's my boot file for example.
host=piCorePlayerSCREEN3 dwc_otg.fiq_enable=0 dwc_otg.fiq_fsm_enable=0 tz=EST-10EST,M10.1.0,M4.1.0/3 waitusb=2 dwc_otg.lpm_enable=0 console=tty1 root=/dev/ram0 elevator=deadline rootwait quiet nortc loglevel=3 noembed smsc95xx.turbo_mode=N noswap cron consoleblank=0
One thing though, the ntp script waits for the network to be up, so it may take a little while for the time to be set after booting.
I recently had to test a RPi rebooting and had to put a 10 second delay to catch the corrected time in the log file. On the odd occassion, this was still not long enough. I was using a RPi2B for this test, so a RPi1B may require longer.
regards
Greg