This. It didn't stop the USA and USSR from directly confronting each other, but the pledge of neutrality and a 'third bloc' formed by many significant countries from disparate parts of the world (particularly key were Yugoslavia, United-Arab-Republic/Egypt, Indonesia, India, etc.) undoubtedly had a big effect to ensure that the rest of the world wasn't about to be 'carved up' into spheres of influence or be drawn into proxy wars.