It only gives the Lollypop for the next waypoint and a line from me to the Lollypop. It does help visualize what I'm seeing.

You can also turn on "Target Trails" which can help determine CPAs. I only use the Trails in limited visibility and when the traffic isn't too heavy otherwise the screen gets too busy. Of course if I wasn't too cheap to add AIS I wouldn't need to do this.