Does it work? Not really. Without a field separator, $6 is the whole time (h:m:s). $6 * 60^2 does give the right answer for the hours (75600 seconds), with a little help from awk, but $8 and $9 are empty fields, so you won't get the minutes or seconds using that. There are a number of ways you can take the time (h:m:s) and split in into its component parts. Changing the field separator is one, the substr function is another, but doing nothing won't give you the right answer.
Without any field separator, your input looks like this: