That doesn't seem to clear cut with the recent failed (and now backpedaling) experiments regarding decriminalization and legalization of most drugs.
In contrast to the "war on drugs" which has been extremely well funded, and implemented to the cost of our own liberties, tried for years and has not been successful either.
What's the measurement for success?
It seems, from a casual observer's perspective, we have fewer people trying hard drugs when the consequences are strict and known. We have more people trying hard drugs when the consequences are removed.
Neither system will achieve 0% drug usage - so which policy results in fewer people trying hard drugs?
It's not "the number of people who try hard drugs", which isn't a particularly interesting or meaningful number (lots of people, including myself, try hard drugs but never end up hooked on them and are productive members of society).
Try "the amount of harm caused to society". The drug war destroys more lives than hard drugs. It's a policy failure.
We're trying the other way and failing right now. Perhaps we should figure out why...
There's very few if any fans of what played out in Portland, for instance. Overt drug usage exploded and became a much worse problem. The exact opposite of what proponents had hoped.
Some will say "but they didn't do it right" or similar - tired arguments we hear every time pet policies fail.
It was not successful, but it was also never effectively funded, not implemented well, and rolled out in a rush.
The novel thing in world of illicit drugs is that fentanyl is very hard to dose correctly, so death rates are higher than before. That new fact on the scene makes long term comparisons difficult. But, I would say given the dropping crime rates of the last 40 years, we're doing better than the previous waves of "tough on crime" policy including drug wars from the 1980s and 1990s, despite incarcerating a lot fewer people. So I think these "experiments" absolutely are working. That effectiveness may however be overshadowed by the specific dangerousness of fentanyl in the illicit market.