Yes, that's exactly what it does. But beware, as it'll also revert your house back to the original shack you start out with, which shouldn't be a problem since we now have a cheat to change the house.
In order for your character to actually look like the opposite gender, though, you have to change clothes, face, and hairstyle to update the gender of the sprite, or it'll stay the same as when you use the cheat and may crash your game when talking to a bachelor/bachelorette.
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What I really wish we had was a pet skill level cheat. :c It's so obnoxiously hard to raise in game, what with everything else we have to balance on a typical game day... Is there a place to request cheats? Fort42 doesn't have a forum (which is strange), and I know this topic isn't technically for hex cheat creations.