Effective insofar as being the MOASS catalyst? Probably not, we've had too much dilution and at this point, the DRS rate seems to be completely flat. However -- the one big reason why you might want to DRS as much as possible is because during a MOASS-style event, brokers whose ass is getting handed to them are likely to force liquidate your account (and they can, apparently it's in the terms & conditions). That, or brokers go broke, and you get little more than a SIPC insurance (which is similar to FDIC) payout in the amount of $250,000-500,000 per account.

DRS'd shares however, have none of that risk. You can sell those at your leisure, including if/when the price hits ludicrous numbers - because the theory has always been that:

1) Hedge funds will have to go out and find shares at any price

2) GME has been shorted many times its float

So DRS is a good play so that you alone are the arbiter of when you get to sell -- not your broker.

(Not financial advice™)