No, that will not strip the wire as it is designed to only strip a cut wire (i.e. the end).
I did the following:
- Use a knife to make two incissions about 5 - 8 mm apart on the cable.
- Move the knife from incission 1 to two, stripping the top insulation off.
- Lift the wire out of the remaining insulation and take the insulation which is then free hanging underneath and cut it away using the knife.
- Wind the joining wire around the exposed wire nice and solid and finish it off with solder to permanently make it safe.
- Put insulation tape around the area (say about 2 cm is fine to cover it all).