Overdraw primarily eats up memory bandwidth. Bandwidth isn't the only resource you have to worry about on a GPU (though on a mobile, it's certainly important). Equally important can be the time spent running pixel and/or vertex shaders when actually drawing onscreen elements - it's quite easy for a poorly written pixel shader to add multiple milliseconds to the time taken to render one fullscreen image on an embedded device.
Unfortunately none of the steps he takes in this article, until the OpenGL ES Trace near the end, appear to give you any of the information you'd need to figure out whether overdraw is actually your problem. Maybe it's a safe bet that for most Android apps, overdraw is the issue, because they're using Skia and thus don't have access to use custom shaders?
On the other hand, that Hierarchy Viewer feature in the debug tools looks really great. I wish more SDKs offered features that nice.