No it doesn't, in fact it looks like a whole lot of fuss for what exactly? I think this is where some stark generational lines can be drawn. I suppose those who have grown up a "gamer" may have strong tendencies toward anything that imitates a video game. I can only speak for myself, but as someone whose video game experience included little more than Atari Pong, Pacman, and Tempest, I don't get it. Having relied solely on my eyes and visual acuity, as well as maintaining concentration and awareness of my surroundings for over 40 years... I find it utterly distracting.
The back-up camera helps me make sure there isn't a little kid stuffing potatoes in my tailpipes when backing up, and front sensors are useful in a tight squeeze, but who wants all this other constant stuff going on while you are trying to enjoy driving?
Edit: I think it likely to cause more accidents from the distraction as it is no more than a type of tunnel vision to the proximity of the car. Good driving means ALWAYS paying attention to what is going on with the car in front of the car already in front of you.