Great question. The answer is it depends and it can. The chin has two dimensions or directions to go in for aumentation. One is forward and one is down. Forward, generally, helps a weak looking chin. Down, generally, helps a square or round face look more oval. Often you need to move in both directions.
Chin implants designed for that specific purpose certainly can make a square or round face longer and more oval. I have had a lot of success with that evidenced by some of my before and after photos.
I will say that some of my patients really do need a sliding genioplasty to get the optimal result, especially if your chin have very little vertical height to it.
You need to be evaluated by an experienced facial plastic surgeon who can tell you which procedure would work best for you. It's infrequent that I have to make actual cuts on the bone.
Good luck,
Dr. Lay