Sure, it'll not stop dedicated manual intrusion attempts, but it will actually prevent a ton of automated bots from even just trying to connect with common passwords through SSH.
http://bsdly.blogspot.com/2013/02/theres-no-protection-in-hi...
Now the logs are clean from automated login bots, the only thing left are real dedicated hacking attempts that is worth pursuing further.
Doesn't take long to port scan a server.