Yes it does work, like Leo described it. How the series termination (in point-to-point case) would otherwise work? One needs both ends terminated only if matching must be perfect from both directions, or the line is tapped (multipoint case).
There is 100% reflection from the mismatched load end, but since reflected and incident wave are in same phase at the end of the line, it does not cause any problem. Reflected wave then travels back to the source end, but there is no reflection from source end, since it is matched. Thus load does not see any kind of mismatch. Situation becomes completely different if signal is measured somewhere along the line, where the reflection is seen.
TDR measures reflections at the source end, where the reflection can be seen. It is consistent behavior with above description. I use same behavior to tune the series termination resistor, by adjusting the series termination resistor value so that the plateau becomes half of the final voltage (Zs+Rs=Z0).
Regards,
Janne