Works fine on mine and every other one I’ve tried. If there’s still oil pressure it’ll assure the prop stays “as feathered” as the design allows, assuming it isn’t already there, as you say.
If it’s already against the high pitch stops it won’t change anything, but at higher airspeeds it won’t be. And pulling it will lower RPM and pitch them mi toe, depending on how fast it’s windmilling.
If the power loss includes stopping the engine driven oil pump, the spring is going to pull it flat anyway. But windmilling, might as well pull it out and make sure any oil pressure still available is fighting the spring and trying to hold it on the high pitch stops.
It’s one of those “Doesn’t hurt, but may not help.” things. Depends on airspeed.
Kinda like moving the handle in a twin that has auto-feathering. It already feathered but you don’t want it going back. Of course even without auto-feather if you lose oil pressure in those, they’re going the other direction.
Not very hard for twin drivers to remember either. Ha. If it’s dead, pull the blue handle out. Works in either type, just may already be there in a slow flying single or may be impossible to move it if all the oil already went overboard.