At master level, 4. Ng5 is rarely seen. Too many chanches for Black.
Does the fried liver attack actually work?

Yes. Be2 is the main move. My thought is that if White plays the aggressive early 4. Ng5 the move 8. Qf3 follows the spirit of attacking . Be2 is best, but concedes any initial advantage. White is on the side of defending while winning a pawn. Is this his style?
The real blunder is of course 10 Ne5 (Qe2) and not Ba4
Not that white is ok after Qe2 of course.
I dont play e4 (unless as second move after 1d4 :-) so I dont know anything about the theory , not to speak of the latest fashion moves.

Does the Fried Liver work? Yes, if White plays better than Black. No, if Black plays better than White? Is it hugely complicated? Sure can be. Is it a magic elixir? Nope.
/next

What ?? You mean the Fried Liver wasnt banned at GM level because its a forced win for white!
No, you're thinking of the Barnes.

Whether at move 8 White plays the Bishop to d3, e2, f1 Black has altered the dramatically the course of the game. As in all gambits, the side winning the pawn is put on the defensive for a time. Blacks Bishops on their long diagonals exert alot of pressure. White was being aggressive, maybe hoping for the Liver, but it is Black with the open position. Psychologically, Imo, advantage to Black.
8. Bd3 was pointed out to be the latest "rage". May be Whites best attempt. 8. Qf3 has its merits, but leaves Black no worries with correct play.

the traxler is again yet another early deviation which simply avoids the fried liver (or the lolli attack)...it cant be a response to the fried liver becuase the fried liver simply isnt going to happen.
This. It amazes me constantly to see how many people around here make a fetish of the Fried Liver, but they may at least recognise that it's one specific line and not just 4. Ng5 in the Two Knights.
Black gambits a pawn , the bishops exerting pressure after 6. Bb5+ c6 7. dxc6 bxc6
8. Qf3 is Whites best attempt to win, but allows both sides
many chanches. Not for the feint of heart!