It's a huge improvement in the performance of the main lens at 1x: it entirely gets rid of the over-processing. It seems to be better with the ultrawide as well (although I haven't tested that sensor much). No, it's no improvement with regard to the zoom; in fact, today's results lead me to believe that it's not doing enough to reduce chroma noise on the telephoto sensor.
But it's worth trying it. And I sure wouldn't give up on this phone: it's still miles better than most of the competition. The stock over-sharpening and noise reduction remain subtle relative to, say, the iPhone 13 Pro.