Is the report system working?

So today i went to play a blind pick game and i called top an noticed that 2 players had loaded a half second late and so i said top again. There was also another player who called mid during this half second and didn't say mid again after the other 2 joined and so the other person who said mid didnt see or notice this and thought the other was going support. This led to a very long and heated battle where the late mid caller(Diana ) would be flaming the rest of the game, whilst the real mid laner (Azir ) was trying to farm. Tl;DR is that after the lost game I reported the and defended the who said and Quoted from the after game chat:

:Report me then : just report me nothing will happen

Which made me question Is the report system effective? This hit me as the community seeing the report system as a way to have a hallow victory after a game with a feeder, flamer, or an AFK. I hope a ritor sees this and spreads it throught Rito HQ. This is a game where we need to root out all the people who are trolling and either put them in another Q or another game.

So tell me do you think the Report Systemis effective or not?