Yes, NFC the technology works. However, certain applications, like Google Wallet can be problematic and require workarounds (not because of technology itself though)

I know that low key defeats the purpose of a privacy oriented android build but yeah

Not everyone using a custom ROM is doing it for privacy reasons. I see privacy as a perk but I mainly use custom ROMs to keep my devices around longer and to get new features.

Even for those who are concerned about privacy, I don't think NFC is that big of a security hole. I know some people who turn it on only when they're using it, but that's pretty painless.