Does this work with Buddypress elements?

Since BuddyPress puts Groups (and a lot of it’s configuration) into separate tables starting with wp_bp_xprofile_*, no, we can’t extend those particular tables or add taxonomy to them.

However, you can create your own Pods (Custom Post Types) that have relationship fields to those tables using Pods Admin, Components, Advanced Relationships, but not sure if you’d be able to get them integrated into the screens. Some folks have had luck working with one of the XProfile plugins.