Relying on such a clause to attempt to prevent a civil suit is stupidity, if only because people are not properly informed of what the clause meant, making it void. (I could quote a few cases. But I am not a lawyer. Microsoft and EULA comes to mind.)
And by EU law, they are completely null and void by just being illegal.
That said, most of those suits do not reach court by means of settlement, not arbitration.
