The question is absolutely "is it effective". There's a reason we do root-cause analysis and five-whys exercises. If the source of the problem is not corrected, the problem does not go away.
If your basement is flooding from a burst pipe, maybe you can "reduce the associated downsides" by bailing it out. This doesn't fix the problem though, does it? You're actually prolonging and exacerbating the issue by not turning off the water from the source.
Temporary band-aids that address the symptom rather than the disease are not effective in the long run. They also often come with secondary effects and unintended consequences that create additional problems.
If your basement is flooding from a burst pipe, maybe you can "reduce the associated downsides" by bailing it out. This doesn't fix the problem though, does it? You're actually prolonging and exacerbating the issue by not turning off the water from the source.
Temporary band-aids that address the symptom rather than the disease are not effective in the long run. They also often come with secondary effects and unintended consequences that create additional problems.