It does! Standard red lock is 7 training stage blocks. With CSb it becomes 10. The buff lasts indefinitely until PG is staggered/downed, but it's not exactly hard to charge it up again and reapply, and there's no limit to the number of times you can do so.
I'd like to point out that Sub's trajectory can be altered at any point after firing. You don't need to hold a direction before you input AB, and you can change direction during the active time if you want. It doesn't just move diagonally, but rather wherever you choose to point it! Horizontally for 4/6, vertically for 2/8, and diagonally for 1/3/7/9. Great for anti-melee.
5BC's spread is totally random so it's not the most reliable tool in PG's arsenal. I've had them line up in a perfect vertical before as with Matsunaga's sub, line up in a perfect horizontal as with Ridden's, and go everywhere in-between. If the spread is tight enough they can chain explosions from the first mine to drop and trigger while still airborne, in rare cases missing whatever you're aiming at. They can be shot out of the air as well, and they still chain explosions if that happens; if intercepted early enough it can backfire and stun PG instead. 8BC does a windup and throws them a greater distance (9-10 training blocks) with a wide horizontal spread. 2BC jumps backward and throws them quite close (1-2 training blocks) with a quadrilateral spread. The latter's movement does not cut tracking, although it's still great for self-defence.
ABC has super armour during the first stage so you can throw that out to surprise people who get in your face, but it has absolutely no cut resistance (and that pose at the end... ugh) so expect to be punished if you're noticed doing it.
The 8b derivation from your 5 and 4/6 melees is totally awful and you should avoid it unless your enemy's partner is down or something. Once it's started you can't BD out or step cancel, and it barely moves. Rocket punch [A] is good for a quick knockaway.
Still shouldn't ever melee in this thing XD