In theory yes, they are an upgrade material and should be bound by the same enchantment rate increase, and yes the higher the stone the higher the success rate is supposed to be.
However, in practice, upgrading with master stones is useless regardless. I'd personally rather spend out on runes and devil ores till +20 ish, as I have had more luck with those during events.
The success rate on master stones is poor at the best of times (and you can end up with an item lower than you started as opposed to if you used rune of protections you could still end up lower than +17, but you'd go back to their failure figure and not below it (+15 for deep blue, and +20 for golden) then so long as you use devil rune ores you could get a +3 enchantment to get back up to what you had before, and if you are really lucky could get two +3's in a row though even +3, +2 would be good, then you can switch to golden rops, master stones would fail below it - unless you use +17's should you decrease below +17, but the other master stones could decrease it lower than +17), so i say good luck regardless of your choice, but think most would agree.
-Eze