From what I've heard, it will work as long as the band is a decent size for its purposes. I wouldn't want to over-stretch a too-small band, or try to double up one too large. Also, be aware of aging rubber, as it may lose strength or even fail completely.
A rubber band (much lower quality rubber than a decent tube, of course) is an easy example: If you find one that has been sitting in a drawer for several months, you know it won't perform so well.