I just explored this the other day. Yeah, it does link 2 datasets but only in the Workbooks (pivot and chart but not tables).
Also, I was expecting it to work like a vlookup but it didn't. I hope I'm just doing something wrong.
For example, I have 2 datasets with the following fields:
Dataset A:
Employee
Service Item
Project Task
Project Task Internal ID
Dataset B:
Project Task Internal ID
Custom Rate
Project Task Internal ID was my primary key. I added all the columns in the pivot. I noticed that it didn't do the vlookup based solely on primary key. Since Dataset B doesn't have access to Employee and Service Item, the pivot didn't match anything because those 2 are empty in Dataset B.
It seems that I have to make all the fields I add to the pivot as primary keys but that's not always the case because the fields may not exist in the other dataset.
Or maybe this is how relational database works? (I'm not a tech guy, sorry).