Depends on how the game works a suppose. Mostly it depends on whether a cheater would ruin one short game, or many hours of games. I usually find async reporting useless because it already ruined my evening (this is under the assumption I’m playing a server and have no interest playing anywhere else, but a single cheater can ruin the game for everyone for a whole day). Whether that cheater gets disciplined later doesn’t help anyone in that scenario unless they were kicked from the game right away.

Apex had plenty of cheaters when I played it, if there's a cheater and they're not detecting it there's not much I can do, just 20-30 minutes wasted.

If its a server with admins I can contact them on discord and get them banned pretty quickly. As a system it worked pretty well, had some badmins but there was plenty of servers so could just join another. Though its not really compatible with the matchmaking style games we have today.