Yes, from what I understand. I believe the wait time will be longer when trying to force a server that's not local to you. I primarily place on Los Angeles/California Servers.
Just to add from what @DARKNESS mention. Since, COD will still try to use your ISP location. Cod will use servers for your gaming experience.
Here's an example, as stated, I'm in Los Angeles. I place it in Texas, but you see it's trying to place me on a server in GEORGIA.
So, yes, it will work, but it will take quite some time to connect you to TEXAS. Hybrid VPN helps mitigates this.