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I've heard all sorts of opinions about that and my best guess is that it isn't that helpful. Someone I know said it increased messages they got from recruiters but most of them were inappropriate or just flat-out spam. I think it's probably best to just proceed without that, at least you'll be avoiding problems if your current employer happens to notice it.
I’ve seen the badge help with visibility, but it depends on your situation. If you’re still employed, I usually recommend just using the private “open to work” setting so recruiters see you without broadcasting it to everyone.
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It does increase visibility, but it is not discreet. I would only use it if you are comfortable with your employer potentially seeing it. Quiet networking often works just as well.