In addition to the Enhanced Effects you can add the Torpedo Final. They work well together.
If you want to compare just load up the Torpedo Training mission and do a visual test. Get 2-3 of the merchants burning and sinking quite nice the smoke is really thick and black.
I did a re-install of SH3 and GWX 2.0

this weekend and decided to test it out and was greatly pleased by this Enhanced Effects.