I'm not sure about this, as this separate device may handle more of the total (aggregated) work by being a member of an unique pool (RAID made of all available non-spare devices) used by the PostgreSQL server.
It seems to me that in most cases the most efficient setup, even when trying hard to reduce the maximal latency (and therefore to sacrifice some throughput), is an unique pool AND an adequate I/O scheduling enforcing a "max latency" parameter.
If, during peaks of activity, your WAL-dedicated device isn't permanently at 100% usage while the data pool is, then dedicating it may (overall) bump up the max latency and reduce throughput.
Tweaking some parameters (bgwriter, full_page_writes, wal_compression, wal_writer_delay, max_wal_senders, wal_level, wal_buffers, wal_init_zero...) with respect to the usage profile (max tolerated latency, OLTP, OLAP, proportion of SELECTs and INSERTs/UPDATEs, I/O subsystem characteristics and performance, kernel parameters...) is key.