I just spent three Sunday afternoons helping my buddy fine tune his to get it to work with low brass 2 3/4 shells fed from a 20 round drum.
There were a few parts changed and the follower in the factory 5 round mag had to be sanded to get the last shell to eject properly.
It always worked with 3 inch magnums and worked most of the time with high brass 2 3/4. Just had one heck of a time getting it to work with bulk pack birdshot.
Out of the box---no. If you do a search over at the Saiga forum, they have lots of sticky threads on how to do the reliability upgrades; mostly extractors, springs, and bolt issues that need to be resolved.
^ Yes - among other issues mentioned, it sure would be nice to convert to last round bolt hold open. Otherwise, why screw around with a magazine in a semi-auto shotgun.