I mod a subreddit with >100k subscribers. We use AutoModerator and have it set to remove anything posted by an account less than a day old.
It catches some false positives from people who sign up just to post something, but it's also drastically decreased the spam. Most spambots are still at the "sign up and then blast shotgun-loads of posts before the algorithms catch you" level of behavior.
Most people never notice. The ones who do get an explanation of what happened when they ask about it in modmail.
It can be rough on a brand-new account that wanted to jump into a discussion right away, but at the same time the quantity of spam hitting your subreddit once you pass the 100k mark is just ludicrous, and this is by far the most effective way to stop it.
It catches some false positives from people who sign up just to post something, but it's also drastically decreased the spam. Most spambots are still at the "sign up and then blast shotgun-loads of posts before the algorithms catch you" level of behavior.