Does cannibalism satisfy hunger?

Yes, but with a huge penalty.

Acts of cannibalism give you the "Dark Craving" debuff, which makes it so that only human flesh will sate your hunger. This will disappear after you sleep for 24 hours according to this thread.

The comments in the thread titled Cannibalism: NOT A GOOD SOLUTION FOR HUNGER make it seem to not be worth it, since you cannot "harvest" food to take with you, and must frequently return to areas with humans.

Note that survival mode is currently in early beta, and something like this might well be changed based on the comments of the beta testers.

It recovers hunger but you no longer can eat regular food.