What could be better is adding noise that matches the dominant 2 colors of the selection and focuses near areas of contrast. Then you can apply the pixellation on top of that and get something that's tougher to reverse.
Alternatively, it could try to recognize where the text and replace it with a string of random characters that are around the same size. In that case there would be absolutely no way to get back the original text since it's gone before the pixellation is even applied.
Obviously black bars are better but sometimes you don't care that much about keeping the data secret.
It's only difficult if it's been resized+compressed lossily, if it's a photograph of a screen, etc. And since font rendering can be different between Windows and Mac, you might have to try it on each one for a perfect match.