Suppressors can be very effective at reducing muzzle report, as well as reducing recoil.
The real "fun" is with subsonic loads; but suppressing supersonic stuff is still well worth it.
I've been running my .270 Win with a SilencerCo Harvester 300 this year. Without hearing protection, the report from full power (supersonic) loads is a crack like .22 Mag or a light .22 Hornet out of a rifle, followed by a 'hiss' from the suppressor.
Recoil seems to be reduced even more with that suppressor than what other shooters describe with theirs, likely because the Harvestor has an integrated muzzle brake. Recoil is a highly subjective matter, perceived differently by different people, but, to me, full power loads through that .270 with the Harvester feel even 'softer' and 'smoother' than .223 Rem out of an AR-15. It's nothing.
While nothing like movie magic, reducing the report from a very loud 'bang' to a minor 'crack' and 'hiss' is a substantial change.
And, under certain circumstances, 'silencing' supersonic loads can be more beneficial that doing so with subsonics.
For starters, you still get the trajectory of a supersonic load.
On top of that, you reduce shooter fatigue at competitions.
For hunting, you save your hearing. ...And potentially more.
I dropped two antelope this year, one after the other, with the aforementioned rifle and supersonic ammo, with the animals at 300-350 yards. To myself and a hunter next to me, the impact sounded louder than the rifle's report. The animals didn't seem to hear anything but the impact. Each time, the herd jumped, looked at my victim on the ground with confusion, and went back to feeding. A hunter about 300-400 yards away never heard the rifle. He heard the impact on one of the speed goats, but not the rifle. Another hunter, about 500 yards away, never heard anything. He heard an unsuppressed rifle banging away about 1/4 mile away, but neither shot from mine.
To non-hunters, that may seem like the 'good' I'm attempting to highlight is being able to remain undetected for poaching or other nefarious activities. But the beauty of it, for us, was that it kept the herds from spooking and running into the next valley. So, we were able to pick some more off later and fill eight tags in a small area, in one day.
For that rifle, in particular, accuracy has improved with a few loads, versus shooting them from a naked barrel.
But, as noted by other members, point of impact does shift if the suppressor is removed. The rifle's zero must constantly be re-verified, or even adjusted, if the suppressor is removed or installed.
**Both of the above are, in my opinion, more a function of barrel harmonics than anything happening internally with the suppressor. But I do not discount the possibility of changed gas flow being a factor.