It's very effective. Without out you'll blow up a lot of relays taking in feeds from CVTs during disconnect switch operations. I would even suggest that the grounding conductors should be located more centrally in the trench, as opposed to being strapped to the side. You want any cables in that trench as close to the grounding conductor as possible. The shielding properties of the cable shields on the cables running in this trench are directly proportional to the physical area between the shields and grounding conductors.
I've studied this from the point of view of transient suppression from the arc's of HV disconnects opening. That really is your worst source of 'noise' in a switchyard. For simply switching caps, my gut feeling is the transients wouldn't be on the same level, but I would still want my copper ground run. In general it's very good practice, and I wouldn't signoff on commissioning unless all my cable trenches had this type of grounding.