A drop isn't the problem dealt with. Persistant absentees are still truanting. And actually why should those with good attendance be penalised for those with poor particularly when many still continue to have a poor record?
Re "general" absenteeism the wealthy just stump up the fines and continue to do what many poorer families used to do. In my dc's schools( primary and secondary) the fines have made little difference- the wealthier families are still taking their kids out and just paying the fines.
It's not my job to decide what to do,I would never have used a sledgehammer to crack a nut in this way. Surely though if it is so important those who just pay the fines should be taken to court regardless of payment...... Wealth shouldn't enable some to flout the rules.