I actually have one of the rifles with this, a Type 99 Series 2 Nagoya Arsenal Arisaka. The answer to your question is - it was like volley sights - entirely ineffective on a rifle-rifle basis. Even if an entire batallion was shooting a volley at a plane, it would be very unlikely to bring down the plane as construction in WWII was much more stout than the old WWI biplanes/triplanes - plus the fact a bolt action rifle can't shoot fast or accurately enough to have a good chance of hitting an aircraft in the vital points ( engines, which were usually heavily armoured, fuel tank, ammo box etc. ).

Most anti-aircraft guns of the day were 12.7mm ( 50 caliber ) or higher, back in WW1 though it was a different story - biplanes and triplanes were shot down regularly by Lewis Gun which has the same sized bullet ( and I mean the actual part that gets shot out, not the entire cartridge ). A famous case was the Red Baron, who, by modern analysis, was killed by an Australian AA Gunner W.J. Evans or Sgt. Cedric Popkin, with all likelihood.

Sources

http://www.cnn.com/2015/10/19/world/death-of-red-baron-von-richthofen-auction-feat/