It sort of works, but as mentioned above, it can be rather tiring.
The way it works is by creating aerodynamic drag on that side, pulling the bike in that direction (with your other knee). It helps you lean the bike in, but you can achieve the same by pushing on the corresponding side of the handlebar. If you are riding in areas where the wind direction changes (think Columbia Gorge and other canyons) it wont be as useful because it makes it harder to do quick corrections to the side you need to push the bike too.
Most bikes are actually pretty stable in all types of wind. It's usually the rider that is unstable and the source of most of the "problems". As the wind pushes you around, your upper body moves and it moves your arms too, this leads to unintended inputs at the bars and that's what makes the bike feel unstable. If you sit close to the tank, make sure your arms are very relaxed and hold the throttle steady most of the "instability" goes away. Better still, if you have a throttle lock, try locking the throttle and keeping minimal pressure on the bar(*). You'll see the bike leans into the wind becomes a lot more stable. I let the bike lean in but sit up straight (think dirt riding position). I have ridden across La Ventosa (isthmus of Tehuantepec) where tall buses and trucks regularly get overturned by the strong cross winds and that is the best solution to the stability problem.
(*) - This method should only be used by professional riders under controlled conditions in closed circuits. If you follow this advice, you do so at your own peril. Serious injury may occur. Don't try this at home, much less on a public road.
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