Well they have for me for the last decade anyway!
Some people struggle to get them lit / smouldering, but the secret is emptying the partly charred / charcoaled remains of the previous burn out first and lighting a ball of shredded cardboard (or a disk of rolled cardboard). That burns quite hot and then drop back in the previous contents sans ash on top and give it a few puffs.
It lights without issue and then top up with a couple of handfuls or so of fresh pellets. Lovely cool grass smoke that will burn unattended for a couple of hours and minimal ash. Single annual clean of smoker is all that is needed.
Not saying that other materials do not work - they do - but for my use which may be a up to a three hour stint if there is lot to do or a drive included, it’s the lowest fuss option. I cannot stand smokers going out or running out of fuel mid inspection, it never ever happens at a good time!
An excellent question Adam, problems with smoker fuels are very common and in my experience have resulted in virtually abandoned colonies as once- beekeepers have recieved too many pastings trying to inspect without smoke available and steadily reduce the number of inspections to zero. Not a good outcome for beekeeper or bees.
Only other thing I would add is buy a slightly larger smoker than you think you probably need. Unburnt fuel is no problem and excellent starting fuel for next time but keeping having to relight it or fuel running out is maddening beyond measure!