That very question crossed my mind some time ago, and as usual, I had to find out for myself.
What I found was that yes, the LCD did help mitigate the variance in neck thickness on my .308 cases I was testing (more so with the annealed brass than those that weren't annealed). Apparently the high pressure of squeezing action of the collet for sizing the neck not only lengthens the neck but also causes enough flow to spread the "high spot(s)" out, making the neck thickness just a little bit more uniform. But it doesn't doe near as good a job of uniforming the neck thickness as turning the necks does. Often, when just skimming the necks when turning them, you can easily see where one side of the neck is thicker than on the opposite side. Turning the necks gets all of the neck very even in thickness. The LCD will squeeze some of that thicker side away, but there's not near enough flow of the brass neck to make the thickness uniform all the way around.
Even though the LCD doesn't do as well and turning necks to get uniform neck thickness, the LCD does provide similar benefit as running mandrels through the neck to get a more uniform interior dimension for better seating runout.