It's a (virtually) necessary but not sufficient step in the process. The big blockers are exit tax over $2mm (basically, unrealized capital gains get taxed), and doing the actual appointment with an embassy overseas to document loss of nationality (if relinquished) or renounce (if renouncing; same effect, but much worse option IMO).

If your assets are under 2mm, or if super liquid and thus easy to pay the exit tax, you have a pretty decent option.

Otherwise, the exit tax can be addressed on a scale of multiple years (Puerto Rico has 0% capital gains under act 60, exemption from federal under irc 933, so move to PR first, realize capital gains, have no unrealized capital gains subject to exit tax when relinquishing...)

I'm not a lawyer; not legal advice, or financial advice, entertainment purposes only.