Yeh, they do help.
To get a rare drop imagine that before you kill the monster a ball is being dropped onto a circle with 10 holes on it. The ball goes through one of the holes and lands on another circle with 10 holes on it and goes through one of the holes again, and it goes on till it gets to the "rare" item if you see what I mean.
BAsically the ring of wealth will make the holes bigger and there would be less to have to go through.
Sorry if that's confusing