Wikipedia says they suffered heavy losses in their designed role (i.e. clearing paths through minefields by running into the mines!) and as soon as accoustic and magnetic mines came along they became ineffective. Against modern mines, I suspect they'd be even less effective.
All that being said, you could take a similar hull and turn it into a mine/torpedo-decoy. There are already decoys towed behind ships to attract torpedoes, and presumably the same technology could be made more effective if it didn't have to fit into a small and disposable hull. You could add accoustic and magnetic gadgetry to emulate the signatures of larger vessels, stuff any empty space with polystyrene to help keep it afloat when it takes a hit, and have the most nervous crew of any warship around.
The idea has some merit - during the 'Tanker War' part of the Gulf War (1980-88), supertankers escorted warships because they could take a hit from a mine or missile and a frigate probably couldn't. But honestly, it's far better to not get hit in the first place. I don't think there are any navies post 1945 which could afford to have a bunch of single-purpose mine decoy ships hanging around, so you'd need something else they could do when there weren't any minefields to clear.
