Yes, it does. It works just like single battles. Also, Magic Bounce affects the whole team, not just a single Pokemon.
A Magic Bounce Pokémon can still reflect entry hazards even if the user of the entry hazard and itself are at opposite corners of the field because entry hazards affect the entire team. -Bulbepedia
I know that was for triple battles, but it works the same way in triple or double.
I have also experienced this myself.
Hope This Helped :D