Original Mod maker here, it just about breaks even with in-game splitter designs. The developers caught up with the belt mechanics overhaul and allowing priority splitters to be done via the new menu for splitters.
The main performance benefit is to allow certain belts in the larger production sections to go idle with the priority totems. For example, if only 8 of 16 belts of iron are needed for the next few minutes, 8 belts of smelters are idled long term. It should reduce the UPS cost of inserters entering and removing the idled state.