As the PM for this feature I'm happy to answer that it works in Excel Online starting today in the developer preview!
Right now developers have to sideload the add-in manually. But when the feature ships publicly, the add-in that has the custom JS functions will be deployed to a "catalog". The various Excel platforms (like Excel for Windows, Mac, and Excel Online) will all be able to access that catalog automatically to run the same functions because a pointer to the add-in gets persisted in the xlsx file.
That's a little different from VBA UDFs, which get stored in the file itself. But one advantage of our new model is that it will be way easier for organizations to manage and maintain their JS functions, compared to VBA.