I've read it (1958 story) and for me, it didn't. I think it's an interesting gimmick to try to shove a bunch of elements from a character's past 70 years into the last five of current continuity, but I don't think it improves the story itself.
And I wonder if GM will try that with other characters, like Superman and Wonder Woman, who I understand he's going to write: If everything that ever happened in WW or Superman's 70 plus years of comics DID happen. Or if only Batman will get that treatment.