I've been saying "Show this less often" / "Fewer likes by this person" / etc pretty much continuously on every element ever since that option appeared.

As far as I can tell, it has never had any effect whatsoever. I still see the components I dismiss, and I still see likes from the same people. Possibly less often... but it's hard to tell when it's every time I open the page.

At this point I click it mostly out of stubbornness and perverse curiosity, to see if the company is at all capable of changing this awful course.