It kind of depends on the wound. It's not known as a disinfectant though it does disinfect to some degree., The bubbling though can physically loosen or remove dirt, blood, etc-the organic matter that can delay disinfection.
In my experience, if you're going to suture the wound then something other than hydrogen peroxide should be used as a cleaner/disinfectant. If you're allowing the wound to scab in, hydrogen peroxide is OK. If you're trying to dry out a moist rash or hot spot it can be very useful. Infected and/or deep wounds should be flushed with a weak betadine or chlorhex solution (not scrub). Scrubs are skin surface only- about the same as peroxide though scrubs do a much better job of disinfecting. It works fairly well as an emetic for mammals that can vomit.
Hydrogen peroxide does not last for long once the bottle is opened, it breaks down to water and Oxygen.