How well does it work? Well .... it sorta mostly works. Sometimes a build will fail for inexplicable reasons because Gradle/Kotlin incremental builds don't seem fully reliable. You re-run with a clean checkout and the issue goes away.
How much time does it save? Also hard to say. Most of the time goes into integration tests that by their nature are invalidated by more or less any change in the codebase. That's not exactly incorrect. Some changes in some modules do avoid hitting the integration tests, though.
TC can also do test sharding in the newest versions when you use JUnit. We don't use this yet though.
We have a project where the team split the tests into chunks and eventually I figured out the reason why is because they had coupling between tests, and running them all together ran into problems. I worry about other people opening that door, because it’s damned hard to close again.