I have one, came with the house and was installed by the previous owner. House is a 1950s build. I don't have answers to your questions but will offer my experience.
I found it depends what causes the backup. We had roots in our sewer line, downstream of the valve, and as the line backs up the valve doesn't help in this case as there is no force to close the valve, the line just fills with waste from your house. When the liner guys came to put a new liner in my sewer line, they serviced the valve and said it should be serviced on a yearly basis to ensure it is working properly (I don't have it serviced).
I suspect the previous owner put the valve in as the house sits at a low point on the block and the sewer line would be susceptible to backflow from the sewer main. In this case the backflow would have force to trigger the valve and stop sewer waste from the mainline back flowing into the house.
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