Re: "Totally useless" ?
The only question then is: "effective for who or against what"? Since it sounds like the hard drive needs to physically in the hands of the attacker, then maybe it's fit for purpose if the drive never leaves the house or office. If it can be attacked while attached to the machine, that's a different problem.
Being labeled as "portable" does imply these will be left in hotels, rental cars, buses, subways, etc. however. In which case, it's only effective if the person finding it is educated enough in the black arts to break into it.