i think that all depends on the time you actually spent... not everyone is down in the mines for weeks..... i went in.. killed 8 mobs got 4 brown chests off them... last one was my ring.... and it works every well
It helps, but the time spent obtaining the ring is probably going to outweigh the decrease in time spent skilling up unless you have a LOT of skills underleveled. Given the emphasis on having many weapons skilled for red/blue procs these days, that shouldn't be the case for most people.
Of course, if you're in the area for EXP anyway it's a nice bonus.