Anecdotally this is a big factor when I talk with Chinese residents and how they feel about safety in everyday life.
When I bought a bike in China and asked about locks, the shop owner showed me, but mentioned that he didn't really see a need, he hadn't heard of a bike being stolen in a while, which he specifically attributed to pervasive surveillance. I bought a lock anyways, but was taken aback by how strong his perception was that he actually was weakly trying to dissuade me from buying a lock. And indeed I saw my fair share of unlocked bikes, although I also saw many that were also locked up, enough that I continued to always lock my bike.
And it gets to some really in-your-face levels. Some major cities in China have occasional electronic, public billboards posting somewhat redacted photos and partial ID info (first several digits of their ID card and their surname) of jaywalkers flagged by surveillance cameras, essentially naming and shaming in a very public way.
And anecdotally I also feel safer in many large cities in China compared to years prior. Drivers are a lot less crazy. In some, but definitely not all, large cities, traffic lights and crosswalks are essentially sacrosanct now with cameras automatically ticketing everywhere. As a pedestrian, cars will often preemptively stop for me at a crosswalk to let me pass. Pickpocketing seems far less of a concern. Most Chinese residents I see actually wear their backpacks on their backs now at tourist locations and on public transportation (as opposed to previously on their chest to prevent people stealing things from the back). It feels like night and day going to a smaller Chinese city where the old craziness of one or two decades ago still reigns (which is somewhat sad for other sentimental reasons).
Now this is both anecdotal and only based on perception. Even if there were statistics provided about this, they would probably come from the Chinese government which makes them suspect.
Is this scary how much power this concentrates in the government? Very much so. Is the Chinese government using this power to corral dissidents? Definitely. Does it make large sections of the Chinese population feel safer? I think so.