Will this product hold ceramic tiles on top of formica?

I am going to say No. Formica is a hard nonporous surface that will not allow the adhesive to bond very well any little movement might jar the tile loose. You could possibly screw down some backer board this will give you a good sound substrate for the adhesive to bond to. If you remove the formica I would still recommend that you place backerboard over you base even if is plywood or mdf .

Clean and dry the backsplash to remove any dirt or grease. Sand the plastic laminate with coarse (50-80 grit) sandpaper, so the tile adhesive will adhere to it.This method, developed by Armen Tavy, uses a mastic and fiberglass reinforced paper mat to turn any surface into one that can be tiled using standard thinset mortar. It requires no concrete backer board and adds very little thickness to the surface. Begin the process by applying a specially formulated adhesive that is made for just this process. Spread the glue liberally, using a 1/8" V-notch trowel. This seems to be the perfect size for this application, allowing you to get enough adhesive down to be effective, without making a big mess. Once the adhesive is spread, apply the fiberglass reinforced paper with a flat bladed putty knife. Make sure you work out any air bubbles and that you have a smooth surface. Armen Tavy has several UTube that you could also view for some self instruction. Hopes this helps.