Yes, but poorly -- it provides power to the CIS-E system. That is why the car would run badly if its giving a finiky connection.

ALL OVP's go bad, its fact, but its there to protect the rest of the electrical components in the system that are much more expensive. Its just a matter of time til they cause issues unfortunately. Best course is to be proactive and a spare is good to have in the trunk just in case regardless. They are about $50.

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2016 Monsoon Gray Audi Allroad - 21k
2008 Black Mercedes E350 4Matic Sport - 131k
2014 Jeep Wranger Unlimited Sahara - 62k
2003 Gray Mercedes ML350 - 122k