Google Confirms the Disavow Tool Does Have Effects on Rankings
TLDR
Google's John Mueller confirmed the disavow tool does affect search results, though it has specific uses and limitations.
Optimixed Overview
Optimixed's original report on this story.
John Mueller stated that Google's disavow tool "does have effects" on search rankings but emphasized it has "its place & time," responding to a user concerned about ranking drops after disavowing links.