It can help
a little, but the problem is that the Wii U's output for Wii games is terrible.
And the mClassic has undefeatable sharpening on its output, which is most-severe at low resolutions.
The anti-aliasing can help with native Wii U/Switch games - though I haven't compared it to my C1 OLED's built-in image smoothing feature (sharpness set to 10 does this).
The thing is, the Wii rendered games natively in YCbCr with 4:2:2 subsampling.
But the Wii U (and the original firmware release of the Wii Dual HDMI mod) does not use the correct sample position.
If I recall correctly, in SD the sample position was at the upper-left corner of a pixel, while in HD it was moved to the center of a pixel, or something like that.
The Wii U uses the wrong offset, resulting in the color signal being misaligned - adding color fringing on bright edges (almost like chromatic aberration).
On top of that, I don't think the Wii U disables the Wii's deflicker filter, so the output is very blurry.
It seems that there are now mods to force the deflicker filter off - at least in Wii mode (rather than Wii VC mode) - which might help clean up the image a lot.
Here are some captures I took back when I got the mClassic:
Endless Ocean 2, 480p output, mClassic off/on:
Another Code: R
480p output, mClassic off/on:
1080p output, mClassic off/on:
Metroid Prime 2, 480p, mClassic off/on:
Unfortunately the view is constantly swimming about in Prime 2 so I wasn't able to get a 1:1 comparison.
Skyward Sword, 480p, mClassic off/on:
And
Luigi's Mansion 3 on the Switch, just for an example of it working well:
Please ignore the heavy aliasing on red, though. That was my capture card's limited chroma resolution - not the mClassic.