It absolutely does! But it is difficult to pull off. First, your mage only has the demon subtype while attacking, and you can't cast demonic link on a non demon. This prevents you from casting it directly on your mage and makes the combo impossible in academy. However, in arena you can use enchantment transfusion to move it over during the middle of an attack action. After it's on your mage, it works great. All of its benefits require the demon subtype to activate though, so if you ever lose the mask, demonic link will effectively be suppressed as well.