I use it and love it.
There's an MCM Menu where you can adjust the drop %. If the drop % were high, it might feel a bit unbalanced.
I personally use 2% for Rare Armor (2 enchantments), 1% for Epic Armor (3 enchantments), and 2% for Enchanted Weapons.
In my current 50 hours save, I have found about 8 or so Rare Armors, and possibly 1-2 Epic armor (can't remember, possibly even none).
Also using Immersive Amors & Immersive Weapons. Started the current save before the Add-Ons were released, and don't want to add them mid-save. Possibly a reason why I haven't seen a lot of the Rare/Epic enchanted armors (aside from the low drop %).