I think you know that it does.
One observation is that COM+ and .NET access to InDesign has some rough edges, and is not well documented, and you won't find a lot of support for it here. (Not that there are a huge number of VB users here, but there are some.) But I think it's really about your comfort in those environments.
What is the scale of the solution? For a little old operation I do this with CSV files. I just ingest the CSV line by line and then I split it tab by tab. Then I search one column for the word and replace it with the value stored in the following column.
Find 0 Replace 1
Run a loop to see if the document contains the string stored in the array and replace.
It's not pretty, it would probably make some computer scientists vomit, but it's a dirt cheap and mindless way to manage content for me.