That is a big NO
As effective as they are in any other setting really… it depends on what you use them for.
If you’re in some Intro-to-whatever class then learning meanings and definitions of terms to answer a multiple choice test makes sense and using MoL, you’re obviously at an advantage. Other classes might require you to just write a term paper or have most of their grade based on participation and then you need to make sense in what you are contributing to the discussion (which is not the memorized definition of terms). Once you’re past that stage it’s convenient to have references for dissertations, etc. at least partially memorized to make looking things up faster, which will save you time in the long run.
I mean you say for “studying,” but you should consider that working as a grader or tutor for the department also carries weight mong the faculty (even though it shouldn’t affect your grades), but if you’d know all the names of the students you’re grading and/or their past performance on tests when talking to the professor you’re working with… that would probably make the rounds and might put you in their good graces.
That may maybe work with some Lib Arts stuff but will be pretty useless when it comes to real courses. One thing to read some fiction novel by just flying through it. No way you’re doing that with for example a book on Valuation or most other Finance, Accounting, etc. topics.