Was the statue of Zeus at Olympia effective for its stated purpose

It was effective because some people feared that his soul was still in the statue

It was. The statue of Zeus at Olympia, carved out by the sculptor named Phidias in around 435 BC, was a majestic statue and was considered to be one of the wonders of the ancient world. It raised awe and made peopel forget their earthly troubles, as one Greek orator noted. Sadly, there are no remains of this statue to be found anymore.