It actually does, depending on how often you open the hot water and what the threshold is for the temp to drop before the geyser turns on.
If you turn it on for 2 hours, twice a day, that should get you through the day with decent savings.
I've measured it. Have my schedule set to turn on between 05:00-06:00 and 10:00-20:30.
Timer off:
View attachment 1307182
Timer on:
View attachment 1307184
All spikes close to or above 4 kWh is the geyser switching on. I could easily get away with 18:30-20:30 for the evening slot, but leave it running all day from 10:00 to make use of the solar.
Remember every time you turn on anything except cold water for anything more than like 30 second, the geyser will switch on because of the cold water entering it, especially in winter...