Not as effectively.
Heat rises. So the hot water enters at the top, so that it has the longest time in the radiator to cool by the airflow thru. By the time it hits the bottom, it's drop in temp, and can cool the engine.
If you run in reverse and start with the heat at the bottom, the hot water will rise in the radiator and just run back in the motor still hot. Any cool water in the radiator sits at the bottom trapped and can't run backwards due to the flow IN at the bottom.
Will it still work, yeah, a little, just not as well.