No, it certainly doesn't solve the problem. All it can do is perhaps lessen the impact and buy a bit more time. Bloat can still happen, for sure.
If people do it here, they do it around 6mth to 1 yr of age, usually before the dog has ever had a chance to bloat. It's usually done at the same time the animal is spayed/neutered, which is widely regarded around here as part of pet ownership.