Yeah, I have used it to great effect in the past. Most of the time just halving the texture size (which makes it 1/4 the size) is enough. The further away an object or person is from the camera, the less detail you need. This made a HUGE difference for me when I had an older 1050TI video card with only 4G of VRAM. Another tool that can assist with lowering the VRAM used is
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which will cull out anything that is not within the camera's view, reducing the VRAM required even more. It is simple to use, just select your camera, click this and that's it.
I recommend that people look for lots of VRAM in any new video card you are considering. I grabbed a cheaper 3060 video card with 12G of VRAM and that made all the difference in the world.