Yes, but as many other people have said - no technical solution will elminiate all cheaters, but aggressive anti cheat does make a positive difference to the experience. It can make a difference between running into cheaters in 1 out of 10 games vs running into cheaters every single game.
And yes, community moderation is great, except that it has mostly gone away in most games.
I doubt that there's anything a kernel-level anti cheat will catch that a normal won't (if we're not talking about very sophisticated cheats we see in pro competitions of course). I'd happy to be proven wrong but those companies don't even release statistics on the efficiency.
And yes, community moderation is great, except that it has mostly gone away in most games.