It is a shitty, and obviously bad solution for preventing scraping traffic. The goal of scraping traffic isn't to overwhelm your site, it's to read it once. If you make it prohibitively expensive to read your site even once, nobody comes to it. If you make it only mildly expensive, nobody scraping cares.
Anubis is specifically DDOS protection, not generally anti-bot, aside from defeating basic bots that don't emulate a full browser. It's been cargo-culted in front of a bunch of websites because of the latter, but it was obviously not going to work for long.