Of course it makes a difference. Most drivers really do care if they are on youtube, especially when they know they've driven badly and their registration is searchable. Just look at those who've tried to get the video removed by reporting it to youtube.
Reporting it to the police does nothing for much bad driving, and at most will only get a letter from roadsafe. Well, unless it's a company vehicle, in which case you can often see the driver with a sickly expression as they realise just what they've done, and the possible consequences.
And this sort of action most definitely does deter drivers. Only on Sunday we had an aggressive young woman driver tone it down immediately I yelled and pointed out the camera. Before this she was tailgating and beeping two of our group on the CC London ride.
You anti-camera lot, you carry on doing nothing for your fellow cyclists, and criticising those of us who do care to take action. That'll get you a lot of respect, yes.