I haven't put that on my rims, but I see it being most helpful if your bike is parked on the side of the road at night.
I make a point of ensuring my motorcycle jacket, chaps, helmet, and gloves have reflective elements on them. It helps drivers see me when I'm on the bike, and it would help them see me if, say, I hit a deer and end up lying on the road unable to move.
For my bike, I rely more on lights for conspicuity.
For my truck and van I have 2" red and white reflective tape on the edges of the doors and on the tailgate jamb, all of which are only visible when the doors are open.
My (then) new helmet with reflective tape applied by me:
Unlit:

With a little light:

With camera flash:
