It can, but I've never used it.
If it is actually rock, it doesn't dissolve very fast. Think weeks to months. In the powdered form it would of course dissolve much more quickly.
However, the more acid the water, the more quickly it will dissolve. Once the water becomes more acidic, the rate of dissolving would decrease.
Baking soda is easy for me and is what I have always used, so I'm familiar with it. And I'm older every day and don't welcome too much change!
But whatever works for you and your situation is good. Just keep an eye on the KH and if the limestone keeps that high enough for your pond, that's the main concern.