Hi, it will work and will help many games to work but in most cases will actually slow your A1200 down.
My advice would be to double that money and grab yourself an 8mb Trapdoor Ram card, there are a few on Amibay and even a cheap one on eBay (at least there was yesterday for £45 which was a DKB 1202 with 4mb you can upgrade to 8mb) But maybe that's sold already!
With 8mb you're covered for the majority of games and you will get a little speed boost too
ps. with just 2mb Chip and 2mb Fast most multi disk/AGA games will keep stopping to load which can be annoying.
I would only use 2mb SRAM on an A600 where it will make a nice little ECS Gaming machine