It works sometimes. More often than not, it results in a big mess with 1,000's of tempo changes. It often jumps from 84 BPM to 160 BPM as example.
I tried over and over and finally gave up.
The closest I got was using a click track I manually entered playing along with the song. I used a kick drum and then froze the track. I dragged that to the timeline, I got a nice tempo map that was only a around 100 changes all very close.
It matched that track just fine but the other audio tracks were all out of sync now. It seems you have to drag ALL the audio tracks to the time line not just one. And when you do that, you get a big mess of tempos.
In the end it was easier to set the tempo as close as possible and just play my midi parts as best I could sans quantisizing, and listen for timing issues.