I listed my membership on my résumé, along with the ACM logo.
This was 15 years ago and I was a contractor around Washington, DC, doing many short-term contracts.
Yes, it was effective.
In the course of interviews, the interviewer would often tell me that they had been meaning to join, or had heard of it, but not once that they were themselves a member. Just a little psychological advantage, I guess. This helped,too, because I never went to college.
That said, I got absolutely nothing from their articles or other content.