The color wheel is based on pure mathematics so in theory it works. Now the gotcha's: All bets are off when dealing with model paints, especially different brands ... and also different lots .... and also paint that has been opened vs not opened ... and paint from different hobby shops ... and well you see what I mean.
It really comes down to pigment density and that is close to impossible to measure. What I mean is one drop of goopy testors yellow (in the little bottles) contains alot more pigment than one drop of model master blue and you will get mostly yellow if you mix them not pure green like the color wheel says.
If your paints are fairly equal in density the color wheel does work
BTW: the color wheel works in 2 other dimensions besides the standard round circle. Up = degrees of tint (ie add white) and down = degrees of shade (ie add black)
Example: dunkelgelb (german dark yellow) in color wheel terminology is a shade of yellow with a very small amount of green OR (approx.) 5-7 drops yellow + 1 drop green + 1 drop black.