It does not increase security per se but it does limit the amount of bots trying to connect to your server. At least it will make your log a bit less cluttered with random garbage.
Also installing something like fail2ban might be a good idea. Or even better would be to block all ssh connections except from a specific ip address (whitelist). This of course depends whether you can trust your ip to stay the same, or if you can still log in through some other interface if necessary.