Youd think it would since lunafactions work. Lunafactions says "rifts increase weapon reload speed. Empowering rift increases range" and both of these effects work on well of radiance. Sanguine alchemy's description says "rifts grant enhanced radar and mark targets" and it doesnt work with well of radiance. If this exotoc was fixed well could actually be useful in pvp and can be used as a more tactical super belonging to the anchor of the team. Please bungie try and take a look and tweak the old exotics noone uses rework them fix them etc. So we can see more diversity with exotic choices.
Edit: theres alot of forgotten exotics in need of tuning, lets try and get this out there for bungie to see and hopefully work on a solution.
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All the updates to forgotten exotics will be coming in "Go Fast 2.0". I predict it will happen sometime early next year after we see the next season released doesn't have a raid lair or any new strikes. People will be Curse of Osiris/ Dawning 2017 mad and bungie will see player count going down the toilet.