Yes they do what they say on the tin. You get fewer spearphishing attempts and stuff like that.
You don’t get fewer targeted ads. You are less likely to end up in private databases that law enforcement makes use of when they don’t want to or aren’t allowed to run you through the official systems.
If all you care about is the specter of big tech and ads then it’s not gonna make you happy. If you’re trying to spend less time figuring out if something is a legit email or a scam, or you want there to be less of a chance for cops to id you in a third party db then you may see some real benefits.