Yeah, it looks like it might work just fine with exception you have to turn it back to home manually. It's supposed to be like a spring loaded latch as you turn the knob it releases to drop the door. Then the knob should return back to home on it's own so that when you push the door closed it latches on it's own. That's going to be my guess, there's a spring in there that's broken. Sad part is, you'd probably have to buy the whole kit ti fix it. ORRR if you current key fits it if it's a locking box, then see if you can get one from a wrecking yard and mix and match parts to where you can keep your same tumbler so the key still matches. I just replaced mine with one that don't lock.
There was also another reason for that other than not having a matching key for it. If I were to separate ammo from a gun and put the ammo in the glove box a cop may want to know why I didn't lock it up. Well if it doesn't have a lock, then it's quite obvious why and I don't have to be asked that.