Yes, it's one of the best in trapping attackers and taking them out in a almost guaranteed fashion.
At one point, Wobbuffet was even banned to Ubers at one point due to it being able to take down at least one mon with if played well and Shadow Tag. It can essentially switch into an attacker, especially a choiced one and easily take it down with it with Counter or Mirror Coat after disabling their switch. (Unless it hits that hard, but Wobu has enough HP for that)
In the case of a setup sweeper, it can create mindgames in the form of 50/50's with Destiny Bond making buffed attacks risky which is making sweeps incredibly sketchy in a nutshell.
There are a lot of ways to counter it though, either kill it with residual moves where Destiny Bond won't work, which Safegaurd can easily foil that, just hitting it really hard with a wallbreaker, forceswitch moves like Roar, and a few other ways that just slipped my mind like PP stalling out Destiny Bond. Despite that, Wobuffet is still a major threat with it's combination of high HP and countering moves.
EDIT: It's night, I forgot about the part about Encore.