It does seem to work,
i did a test where I set the time of day to like mid after noon, and was by some buildings,
and I noticed when i looked at the sun that the dimming isn't as much, it seems more suttle,
or less, and then when i look the oppisite the sun (east) then it gets brighter,
but not by much, and i have the HDRPrecision=16;.
I also tried a different scenerio with a soldier in a spotlight, and i looked int to the spotlight at night,
and you still go somewhat blind but only after you dont look anymore, it goes like pitch black,
so i can only assume that with a higher number that it wouldn't be as strong of course your
looking into a spotlight what you expect, but it did help with the sun aspect.