Yes.
The only thing I can say is that I've used it on a well-maintained boat that had never been polished, only waxed, and PG with a 5.5" orange pad on the PC took care of the light oxidation quickly. I'm not sure how effective it would be with heavy oxidation - especially since the other threads here I've seen have guys wet sanding.
It does work well on the gel coat but I would have to recommend going over the boat (again) with something lighter, like KAIO, to clean up and polish some more luster into the surfaces.
Give it a try and see what kind of results you get.