My uneducated opinion is that it will do little good, but couldn't hurt. I've hit the rev limiter on my car a few times at around 7,500 RPM. Maybe I average once per year. There is never a need to go all the way to the limiter though, unless you're racing.
It is possible to go over the limit in a manual transmission by shifting into a low gear while traveling too fast for that gear. I've never done it, but I'm sure someone has. It goes without saying, this could cause catastrophic damage to the engine.
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