Works fine tied on, doesn't look/feel any different with the heat shrink, so I expect it will work as well as any other plastic weed guard. You're not casting it into milfoil and working it down, but it keeps the hook point clear used on a neko rig nicely.
You can use the steel weed guard wires (do-it mold component) if you really want to try to work it into weeds, they'd probably work better, but just for keeping slime from accumulating on the hook as you drag it back it's fine.