This is true,
but
many newer divers do not fully understand that air wants to go up, so if there is not a whole lot of air in the BCD, it will only be at the highest point in the bladder, and it is possible that the highest point will not be the point from which the diver is trying to dump the air. You see this frequently with divers pressing the dump button on the inflater hose while it is down by their chests and wondering why air isn't leaving the BCD.
My instructor taught me to bring my right shoulder up to the highest point possible before using that dump valve. That way the air "bubbled up" to the valve. He also emphasized releasing the valve quickly, as leaving it open once the air was gone wasn't doing anything other than potentially letting
Edited to correct "air" to "water". Need to proofread better before hitting post.