It does save time and effort if you are not headed to Haystack. If you were to stay on the Phelps Trail to the junction just before little Haystack and hook up with the Range Trail, it would cost you 1.5 miles and at least 1200' elevation gain and about 750 feet of elevation loss.
If you took the Shorey Shortcut, it would be 3/4 mile and about 7-800 feet elevation gain and several hundred feet elevation loss to get to the range trail.
IIRC, the "Shortcut" was was added in jest or sarcasm, because it doesn't seem so much like a shortcut when you have to climb 700 feet. also, IIRC, The knob that it circumvents is just over 4,000 feet, but although it is almost a mile from Haystack Proper, the area between doesn't drop enough in elevation to allow that knob to fit the definition of a 46er mountain, it is also only 1/2 mile from Basin.
Cheers
Rick
PS I am going on long term memory here, if I am incorrect anywhere, please let me know.