It depends on system and, I suspect, monitor type and performance. I've used it with varying results. Far Cry 6 runs best with it off and looks "strobey" or "framey" with it on. Starfield likes the in game FSR frame generation on some systems and AFMF on others - my main system with 7800x3d+7900xtx with OLED monitor likes AFMF, my mini PC with Oculink 7900xt and a mini-LED monitor likes FSR3 frame gen. It works great with Helldivers 2 and Cyberpunk. It seems pickier on monitors with really fast response time like OLED.
And yes, I have a mini-PC and a Minisforum tablet with 780m graphics. It can make an unplayable game playable. Obviously, you will have less lag, the higher your native frame rate is.
RSR is another epic feature for low-end graphics like the 780m, using combinations of FSR and RSR, I've been able to get Far Cry 6 to run upscaled playably at 2560x1600 on "high" graphics settings on my V3 with 8840u. I'm saying this is playable, not perfect. There are no tricks (yet) that can make a 780m play like a 7900.
This is probably borderline useless for competitive twitch games, but for people like me that don't play PVP twitch games it's great.