Yes—those reference patches can help, but not as a simple scanner-profile step. The practical idea is to compare the scanned chart patches to their known target values, build a color correction from that difference, and apply it to the whole image.

In other words, treat the chart as an in-image reference: identify the patches, measure their current colors, map them to the expected colors, then generate a correction (for example via a LUT/CLUT or similar transform). That can be automated if the chart layout is consistent, but it may require custom software or testing specialist tools.

General camera/scanner calibration tools may not fit perfectly because they expect standard chart layouts and are designed to profile the capture device, not restore faded film. Still, some chart-based tools may be worth experimenting with.

For faded film specifically, Kodak’s Digital ICE-related restoration work is also relevant historically; their papers/patents may be useful background.

For hands-on restoration guidance, Katrin Eismann’s book on Photoshop restoration/retouching was specifically recommended as a strong resource.