When properly used it will help diminish wrinkles. However, if improperly used, it can burn your skin and make it dry and wrinkley. Use with caution and only let professionals apply it. Don`t use the crappy at home treatments.
The effect of glycolic peel is dependent on the concentration and the duration you leave the peel on your skin. It is an art balancing between peeling off the epidermis and not injuring the dermis. (a Deeper layer). You need sometime with sufficient experience, other you will end up with horrible results.
Most glycolic acid products designed for home use are not very strong and may have a drying effect for some people. I would only use a stronger concentration if it is applied by a professional as you do not want to risk a burn. But, yes over time it will help to soften wrinkles and complexion irregularities.