Depends on how you set it up. I had Wireguard installed and couldn't figure out why only some sites got unblocked by it... And then it turns out it doesn't use the VPN server's DNS automatically, only if you specify so in the settings.
I am stupid, I know. But that's just an example.
That is indeed a massive improvement, but until they allow multiple profiles per number - that would still mean either using the same account with internet randos as I do with IRL friends, or renting a whole other number and risking losing the account once the ownership of the number expires.