Is aerodynamic braking really effective? (YouTube)

In the frame above the pilot is pulling back, as evident by the stabilator's position, and this technique is usually cited as a means of slowing down.

But wouldn't the brakes have better effect if the struts are fully compressed as with jet-liners? What makes aerodynamic braking effective for jet-fighters then?

Clarification:

Presumably that fighter pilot is applying some brakes at least (otherwise they wouldn't have added a drogue chute).

My thinking is, if the nose gear was planted, the same braking force will have a better effect (reduced lift), even without spoilers present since the jet engines won't be contributing to the struts decompression. Also the nose tire will add to the rolling friction.
The aero brake in this picture is the chute! and yes, it works!

Your wiki source is mistaken in stating that this use of elevator increases load on the main gear. The wing angle of attack will increase wing lift in multiples of the tail download, as you observe in the extended gear struts. 

Landing like this allows the aircraft to slow with less use of brakes. It is counter-intuitive to claim to both save brakes and increase main gear load, which is intended to allow greater use of brakes. 

Military jets land at comparatively high speeds, making this more useful since aero drag is proportional to speed squared. It may even be more effective at high speed than brakes, saving brake capacity for later in the landing when aero braking becomes less effective. Brake capacity may be limited to keep brakes small and light.

Nose gear does not have brakes and adds negligible friction.