It doesn’t seem to affect the number of cheaters in any way, if anything it leads to incentives of account stealing and underground exchanges of steam acc/keys.
Personally I feel the cheating issue is more of a side effect of games moving away from dedicated servers with communities and towards global matchmaking. There used to be well run servers that would quickly kick-ban cheating players and have a social construct that incentivizes playing nice to keep access to the good servers.
Not that practical today with all the battle royals and as with any “government” there is abuse and corruption, it wasn’t perfect but I do miss the days of servers that always had a admin online to shutdown cheaters and rules around minimum pings and bare-minimum sportsmanship in the voice chat.