Those stinkin' cool kids...IMO, it does and doesn't.
It helps at full droop, no doubt, but it puts the driveshaft even higher at full bump - and in my SOA Scout, I have issues with the driveshaft hitting the bottom of the front of the transmission pan with a low pinion front diff, despite lowering the front bump stops 2-3" - which wasn't enough until I raised the engine a touch and put in the air bumps.
Also, Buck, if your suspension doesn't bind at full droop, you want some limit straps (old Scout seat belt straps can be pressed into service) to keep from tearing the shocks apart on the rare occasion you let it droop all the way out.
Limit straps are cheaper than shock shafts and new seals. BTDT
On the engine bar - or lack of - the problem is the repeated stress on the frame where the shock towers are trying to rotate the frame every time you hit a speed bump.
Eventually you get metal fatigue and the shock towers rip from the frame.
I'm on the accelerated metal fatigue program here, but the lesson learned carries across to casual wheelers, too.
Plus, all the cool kids have an engine bar.
Just when I get my coilovers, they get their fancy smancy engine bars.
They have tube benders too...
I have my bump stops on the way and the seat belts, ahem Limit Straps, are in the works, and I promise they will have that agricultural flair that is so embodied in the cornbinder spirit. I just love the idea of a quick disconnect limit strap.