I don't know what a loaded neck measures, but it works fine in 4 different barrels chambered with a .272" reamer. I have personally measured the neck on the reamer and it is a true .272" neck.
If you are getting a new reamer I would also recommend a .274 or .275 neck. It doesn't hurt anything and it gives you more options, but if you have a barrel already chambered with a .272" neck and are worried about Alpha working then the answer is "yes".