I would be surprised if it did work like an old Farmall, well just like. There are two basic styles. One is a rev counter (totalizer fed from tach drive) mechanical (as old Farmall) or electronic like many modern pieces of equipment. The count is normalized for a specific RPM (PTO speed is a logical choice) and calibrated to read out in hours (and tenths, probably) at that speed. Other style is just an electric clock keeping a total count of actual hours unit is on where typically on is defined by an oil pressure switch that turns power onto the clock within a few seconds of startup and off when you shut down (or suffer a major loss of oil pressure event, in which case the equipment will stop soon, as it seizes).
Some equipment (especially rental equipment) has both installed. The last flying club I was in had over 50 lease-back aircraft and they ALL had both. The checkout/in form asked for both Hobbs time and tach time. Hobbs is a well recognized maker of these electric timers and has become generic like Klenex for facial tissue.
Patrick