According to what I think I know about antennas,
I'd say it works a little better than a dummy load.

I had one in the early 70's when I was (only) SWL'ing,
and the reception became much better when I "pulled"
the wire to a L-type horizontal antenna. I guess that
the total length from the feedpoint to the capacitance
"hat" is never enough however much one uses wire.

Matti Ponkamo OH1GPU, Naantali, Finland