It works for my simple system (lvm without encryption). The only drawback is that initramfs grew by 4 %. It seems that it now contains vi editor (besides virtiofs hooks and cdrom udev rules, none of the hardware of that system).
When building without SRPM packages, it fails with a Python traceback "Exception: Some components failed during build process. Please investigate.". mock_stdout.log reveals "Mock SCM module not installed:[...]You should install package mock-scm.". I guess module-build shoud run-require mock-scm.