I've had it work for me several times. Most of the time following links/redirects from search engines, ironically a few times from Google itself. Not that I was going to enter anything (the phishing attempts themselves were quite amateurish) but they do help in some rare cases.

When I worked customer service, these phishing blocks worked wonders preventing people from logging in to your-secure-webmail.jobz. People would be filling in phishing forms days after sending out warnings on all official channels. Once Google's algorithm kicked in, the attackers finally needed to switch domains and re-do their phishing attempts.