I would describe tu quoque arguments as more "satisfying" than "effective". Almost by definition, they leave egg on both parties' faces. If "you're no better than me", it seems reasonably clear that we are probably both in the wrong, as opposed to either of us being correct in our actions.
They are also, generally speaking, personal attacks. Since most educated people see making personal attacks as a sure sign of a person stuck defending a weak position, you are once again not doing yourself many favors in the long run. Especially if they are poorly aimed personal attacks ("Oh yeah, well someone else who is in your country/political party/gender/religion said that...") that your interlocutor immediately knows does not apply to them anyway. If a tu quoque is poorly aimed, you end up making your opponent feel better about themselves, as you have essentially confessed to fault without concurrently succeeding in bringing them down to your level.
That said, as someone who frequently educates and advocates on racial equity issues, I have observed that tu quoque arguments are by far the most common type of logical argumentation attempted by "reasonable racists", partly because it can be quite rhetorically effective... if the people you're trying to convince are already quietly predisposed to agree with you, needing only a reason rather than a good reason as such, to advocate for their own self-interest at others' expense, and those you are attacking have more morals than sense and are thus quitely predisposed to accept your criticism. It doesn't work nearly as well in the other direction, for the same reason. If I say, "You accuse me of reverse racism, but doesn't that imply that your own position, exactly opposite to mine, is unreversed racism?" but it won't work nearly as well, because they aren't predisposed to agree with me, nor emotionally inclined to much care even if they did agree with me, and from a logical standpoint it was a weak argument that did not leave me in the moral right even if I am correct.
Conclusion: By all means, try a tu quoque if you know you're dealing with a fool, or if you are arguing a position that favors a position of privilege. But otherwise be wary, for rhetoric may be on your side but logic is not, and your argument will crumple swiftly should someone consider it critically for a few seconds.