Can it be effective? sure I saw a guy on the adams doing it. However at the same time I helped him land a bull trout he snagged near the anal fin.
What's the relevancy of that comment? Any method can snag a fish. We've snagged them high stick nymphing, indicator fishing, swinging. It happens. The one time you saw it could have very well been the one time he got one snagged all season. Don't try and judge a method you deem as "less prestigious" than your euro nymphing based on one encounter.
By your logic, swinging intruders for steelhead could result in a snagged fish...
That all being said, I would say high sticking/indicator fishing beads is better. You want a drag free, natural rolling drift. Fish them close or right on bottom. Swinging doesn't look natural, and these fish see thousands of natural eggs every day, so something odd will stand out IMO. I've caught fish tripping in eggs, swinging eggs, but significantly less than dead drifting them.