Doesn't actually help at all because the BGP announced prefix of your IP can still be tracerouted. You won't be physically far from it.
Say if your ISP announces 125.15.18.0/17 and you're in 125.15.29.145, a traceroute will still yield a pretty good approximation of where you're at. The last hop ping is really quite immaterial here.
I disabled ICMP reply on my home router.