It does indeed speed up the process, and I have been using it occasionally on pieces which are very small and do not bear any load (non-exposed antennae).
The problem, however, is that the bond is much weaker than if you leave the glue to cure normally, as it will be metal/glue/water-glue/glue/metal instead of metal/glue/metal. Therefore, it isn't really suitable for heavy, load-bearing joints, or extremities like stretched arms or swords, as the risk of it shearing off the glue joint is very high.
Speaking from years of experience on that, I must strongly suggest you use if only for the mentioned very small, non-critical joints, if at all, and otherwise use the proper way of waiting, OR use a proper chemical accelerator, which does indeed reduce CA curing times AND produces a strong bond.