Lets think about this for a moment. What's the purpose of an oil filter...to filter the oil of course
Oil is routed from the outside of the filter element to the interior of the filter to the motor. It must pass through the filter pleats, unless the pressure inside the oil filter exceeds the limit on the by-pass valve spring...in that case, the oil by passes the filter element and goes direct to the oil passages in the engine. Assuming normal operation, wouldn't the filter element filter out metal particles along with carbon, dirt, etc?
There are several different types of wear metals inside an engine...obviously you want these minimized as much as possible. They include steel alloys/iron, aluminum, copper alloys (brass), etc. The only one of these that a magnet will attract is steel and iron...the rest will just keep going. That's why a good filter is so important...you do not want metal particles, dirt, carbon particles, etc acting like an abrasive to the inside of your motor. If you want to really filter your oil down to the <8 micron level at near 100% efficiency, use a by-pass type filter like a Trasko.
IMO, this particular product (since it's on the filter) is designed to get the $$$ out of your wallet and in to the revenue stream of the company that makes it. I really can't seeing it providing any real benefit. If you want to use a magnetic drain plug to catch some of the larger particles that fall to the bottom of your oil pan so you can see what's going on inside...sure, that would be a good reason. Wrapping a magnet around your filter is not going to do a whole lot...any good filter will remove the metal particles anyway. But, if it makes you feel good...have at it