Unfortunately it doesn't even work 100% of the time for albums – at least if you have lots of them (~4000 in my case). Positions in the bottom quarter of the scroll view aren't restored correctly for me.
Bring back iTunes, Apple.
edit: There's apparently a hard limit on how far the Music app will be able to scroll down (or remember its position) in a very tall view. It can help to make the window wider to force it to display 5 columns instead of 4 and thereby reduce its height. Interesting...
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