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Jim,
It will definately keep your wings level in an emergency. It's not recommended for instrumentation replacement, but good for situational awareness.
I wouldn't count on it.
You need gyro action.
Try this: Keep the wings level and feed in a bit of rudder. I believe you will see the wing level change which I suspect means they get the wing bank indication from the turn and not the actual bank.
Don't know what you are flying, but on mine I can keep wings level and input left and right rudder. It's a good coordination practice. Similar to the Dutch roll where you do left and right stick while keeping the nose straight ahead.