With little ones, it works, but in a smaller, gentler version. The part that clicked for us was offering two choices: “red cup or blue cup?” or “shoes first or coat first?”
The consequences part is where I’d slow down with under-threes. Their little brains can’t connect a consequence that comes an hour later, so it has to be immediate and small, but still calm. Toy gets thrown, toy goes up on the shelf for a bit, done. And some “natural” consequences aren’t allowed to play out, like the street or the stove.
There’s an early childhood version, Love and Logic Magic for Early Childhood, that scales things down for the 0 to 6 range. The little “uh-oh” redirect is gentle enough for a one-year-old.
What helped me most was pairing it with the grace books others mentioned upthread: empathy first, then the consequence, never the consequence with an edge in my voice (see this thread). The Lord disciplines the ones He loves, and the love part is supposed to come through louder than the lesson.