It does hold the flywheel but if your are careful on removal the flywheel should stay stuck to the crankshaft. Most times I need to use a flywheel knocker to loosen the flywheel. Many newer flywheels have build in keys so be careful either way.
The easiest way to remove it is to use a piston stop. I didn't look to see if it is left or right hand thread though. You should be able verify this on the new part before removing the old one. I'm Thinking it is right hand but not sure.
