Does lotion work as after shave?

Yes, it can help.

Avoid store-bought lotions if you can help it as these can contain multiple chemical ingredients that may irritate or cause allergic reaction, also store-bought lotions tend to use mineral oil or petroleum jelly which can irritate delicate skin. Try to opt for natural moisturisers such as olive oil, coconut oil, shea butter, etc. which are much healthier and promote skin healing - if your legs are irritated after shaving try aloe vera too.