In reality, these days -- along with most other so-called dog whistles it's quite effective in trolling reactionaries on the left. That's all. Everyone is in on the joke.

If I'm Don Jr. or Charlie Kirk or whoever, my prerogative is to invoke liberal "tears" so yeah I'm gonna use all the dog whistle words like "thugs" and flash the OK symbol, because it scores them points with the right, multiplied by the amount of outrage it causes from the left.

Of course this dynamic only really exists in political contexts. Elsewhere it just means "OK" as always. However, it would be equally absurd to assume that politicians haven't caught on to public perception of this kind of stuff and are exploiting it for their advantage (via democrats clutching their pearls and republicans trying to induce said pearl-clutching)