Is the magnet strong enough to trigger sleep mode on another 3DS? Also, remember to hold Start, Select and X before pressing and holding Power.
Yep, I've tested it on my regular 3DS XL which is running the latest Luma. Screen turns straight off. Unfortunately, since my New 3DS XL doesn't boot into anything, I can't really test if the magnet is working aside from having it boot what I'm doing using 3ds.guide.
I've tried holding them and then pressing and holding Power as well as pressing and holding them all at the same time, no result