It probably works fine, as do lots of other things. You're going to have to be very careful with it so you don't spill sugar water on your bearings, belts, electronics. I have forbidden anyone from using sugar on any printers at the makerspace because I know that if someone tries it, sooner or later they are going to spill it all over the place. Cleaning up any spill containing sugar is a nightmare.

The printers at the makerspace have PEI print surfaces. The only time any adhesive is needed is when printing ABS parts with sharp corners that will tend to lift without it. Then we just use Elmers purple glue stick. You'd have to try hard to get it into the bearings and on the belts. It's water soluble, goes on purple then disappears when dry. When you're cleaning it off the bed with a water-damp cloth it turns purple again so you can see where it is and isn't.