No it just creates alert blindness. Most people barely understand what a cookie is. I was part of a team implementing cookie banners, and we were looking really hard for the best wording. But it didn’t matter because in user tests 75% of users were unable to tell us what was in the box. Most assumed it was an ad before reflexively closing it.

I don’t think it achieves that, though. I strongly doubt that one in a million people clicking on that button think about the privacy implications.

However, the cumulative frustration and time wasted by that button is probably quite large, across the world.