It always has a positive effect, the key question is how much does it improve the sound you hear and how much does it cost and are you willing to spend. Anyone who denies it either is just plain stubborn of cannot hear properly. Or maybe their equipment is somehow already isolated well enough for it to not make much of a difference (highly doubtful).
It is the easiest thing to test/compare. In my experience, I've had the most improvement with my turntable (by far the biggest change), then my speakers, then my amp and lastly my preamp. Supposedly, it even helps with the a power/line conditioner, but I haven't reached that deepest end of the insanity yet (or fuses, or contact fluid or super expensive cables).