It's snake oil, and it'd be snake oil even if it worked.

I've yet to hear of it doing anything. I've never heard anyone in an AI group worried about it in any way. No "damn, Glaze ruined my LoRA". To the extent anyone talks about it, it's either non-technical artist groups, or AI groups where somebody intentionally sets out to play with it to see if they can actually make it do something.

But even if it worked in its intended scope, even then it'd be snake oil. Because you can't defeat every AI system simultaneously. Flaws can be exploited, but flaws aren't guaranteed to (and almost certainly won't be) conserved on the long term. So anything that works now isn't going to work tomorrow. And defending against known models today is pointless because they were already successfully created.

The whole idea of attacking an already finished product is a fundamentally flawed approach, and would only possibly work in extremely unlikely and contrived cases. Like v1 not being very good, so the model's maker for some reason decided to pull in additional data, long past a well published adversarial attack on v1, and incorporate that into v2.