"Our problem is that only one person knows how it works. Does this solve that?"
Partly, and it's worth understanding which part, because it's the most serious reason to modernise and the least discussed in commercial proposals.
Concentration risk has two components. The first is technical knowledge of the system — how it's built, where to touch it — and that transfers, laboriously, to anyone with the skills. The second is domain knowledge: why that control exists, which real case produced that exception, what happens on 31 December. That's the irreplaceable part, and it's the part that leaves with the person.
The declarative model performs no magic, but it moves the second kind of knowledge from code into a document a domain person can read. When the rule "an order paid in advance cannot ship without confirmed receipt" is written as a readable condition instead of inside a function, anyone who knows the trade can verify, challenge and correct it, without knowing how to program.
The extraction work remains — the hardest phase of the project, and one nobody can do for you: someone has to sit with that person and write down what they know. The value of that work, however, doesn't depend on the project continuing.