My best answer would be yes....I don't see why it would not. It's primary purpose, why it's sold at Home Depot, is to make soft rotted areas of wood hard again. A good example might be a window sill that's had to many years of water. The wood rots. Gets mushy soft. The petrifier soaks into the wood and some sort of chemical reaction bonds to the wood and makes it hard again. Somewhat like an epoxy I guess. I've used it on Water Elm, American Elm, Burning Bush, Hornbeam, Hackberry and Maple trees. I don't apply it to the live portion of the tree....just the deadwood area. That's why I use an artist's paintbrush....accurate placement right up to the edge of live wood.
I let the area I will treat dry well first. I remove the worst of the rot to try and find something somewhat solid.
It dries clear. After about three coats (the instructions recommend 2-3 coats letting dry between coats) it leaves a slight gloss finish. I simple remove the gloss with a rotary brush. I also used a common household scouring pad....one of the thin green pads that's sort of like steel wool I guess. After 24 hours it is fairly solid and on my trees has not rotted back. Stays solid even as watered.
I wouldn't recommend putting the treatment on live tree areas. I do not know what that would do. And...like in the Ghostbusters....don't cross the streams...bad things will happen. So.....I just don't apply where it is not needed.
Post photos of your progress on this tree/bush. It's a nice piece of material to work with.