It will, and is the only way.
And on the other side of that equation...I'm surprised the logitech software doesnt have a 360 extender mode profile built into it. You can set the remote and console using MCE remote to control the 360 extender functions, but you cant power off the 360 with it....you can use the straight up 360 remote profile, but then you have to manually navigate over and execute the extender app each time.....which one way or the other leaves you editing keys for custom commands to be able to both start up the 360 straight into extender modes AND power it off within the same one 'device' on the remote. Either way you do it, gotta separate the power commands and make sure power on = green button and power off = power off for 360. Always found that pretty annoying.