Does Kreo work with locations?

Yes!
The list of locations in your model is collapsed by default. Click on «Locations» tab to expand it. Once you do this, the locations in your model will appear highlighted in green in the 3D view.

For each location, Kreo extracts quantities just as it does for elements.
Accordingly, you can work with locations in the same way as with elements: apply filters, add rows/columns, modify breakdown, etc.

You can also work with elements and locations simultaneously. 
locations