Without seeing a photo of your space... I say No. a waterfall is best used in a modern setting where the waterfall is in the sightline or focal point.

In your case, it is a waste of $.

Use that where you need it.

I think waterfall is used on an island where it will be seen but waterfall on a peninsula that faces another wall doesn't have the same effect

Waterfall is a modern detail in the entirety of kitchen design.

Show YOUR kitchen, tell us what you are doing, Freshening? Starting over? Just counter tops?

You haven't enough context provided in your question......

Can it be done WELL?

YES..... , but not as a slap on add to go with nothing else: ) in the kitchen

Waterfall in a passageway...no point. Waterfall in a narrow passageway making the passageway even more narrow? Pointless and dumb.

Ha! Renegade here... My kitchen plan sounds very similar to yours with the end of the peninsula directly across from my refrigerator (French door, cabinet depth). I have 37". Maybe 5 years ago, I replaced my laminate countertops with granite and added a waterfall finish at the end of the peninsula. I love the clean look (and, yes, it is very visible as you enter the kitchen) and would do it again in a heartbeat. It takes up no more space than an overhang of a traditional countertop. My house is fairly traditional although I have incorporated some contemporary pieces, as well. A lot of naysayers here, but I love mine. Not just yep. Heavens YES.