Yes it should. One thing that will keep it from working properly is a weak spring in the magazine. That follower button on the side of the mag pushes up on the bolt stop. When the mag is empty the bolt stop is pushed up just like it would be if you pushed it up manually. I'm sure some worn parts could cause this also. I replaced the springs in my mags when this started happening to me.
The Mark II has a last shot bolt hold open. The bolt hold open lever is not a bolt release lever, meaning the bolt should be sling-shotted to close on a loaded magazine. If you use the lever for a bolt release, you will quickly wear down the contact points on the lever, and it will cease to hold open the bolt on the last shot. It is a simple fix, replacement of the lever is needed.