For the few days left of my subscription this time adding in my two cents.
I definitely will admit the RAF didn't get me to bring in new players, as if I knew anybody to give it to, they were already in the game, and likely already subbed as well. However, the referral did give me more reason to subscribe with some of the rewards that it brings after a subscription ended. Honestly, one of the main reasons I subbed in the first place was because the referral link permitted a week of sub time every 3 months, allowing me to go around the credit cap occasionally so escrow didn't go to waste. It didn't replace sub time, as my hope/intention was to sub for about 1 month twice a year, or only when interesting content was released, and use the referral just to get a little extra time with my credits or to hide head slots. If the referral hadn't existed the way it did, there's a good chance I'd never have bothered subscribing at all, as there'd have been a certainty I'd lose access to credits regularly.
It also does kind of put a damper on future subscribing from me, as I'd be put in a position where in order to actually do most things, I have to regularly subscribe, rather than occasionally. Which is something I am simply not capable, nor willing, to do, regardless of the referrals existence. Which means less entertainment, which means less chance of subbing again.
I'm not saying this will impact every person the same way it would me. But just that there's a near certainty that I (and thus possibly people like me) would never have subscribed at all without the referrals system.