I don't think that it really helped get more players who are part of the game jam but there was a spike of almost double people viewing the page after I put up the trailer, it helped with downloads as well from what I can see on the analytics page.
I make trailers for all the games that I make so it's just something that I do, it only took me a few hours (not sure how many maybe 1.5-3) to edit so I think it was worth it.