I think it puts the iPhone into speaker phone mode for Live Listen, and I believe is intended to be more of a microphone on the table like used in a conference call.
I think it could work like that in a quiet setting. Again, I have no experience but from focusandearnit’s comments above it worked best when held close to the mouth. Also I don’t believe Live Listen has any special noise reduction capability. The main point of using a remote microphone is to improve SNR. Sufhi provides a great graph showing how much better MultiMic and Roger Pen do than hearing aids alone in noise.
Live Listen works - iPhone Xr and Oticon OPN1’s. It did work better on my iPhone 6 then it does on the iPhone Xr , which is supposed to have better speakers and audio, but it is functional.
I swipe down to access all the hearing aid functions and Live Listen is at the bottom.
I use Live Listen next to the center speaker on a TV that does not have a TV Adapter to stream directly to my hearing aids (not my main TV viewing room) and it is great for family calls (or other important calls) where we both want to hear the caller - spouse’s phone is on speaker & mine next to it on Live Listen. I can actually walk around the house and hear all the chit chat 
I agree completely with sufhl - mute your Hearing aids for the best benefit.
I’ve used live listen by putting my iPhone in the middle of the table of 6 people in a noisy restaurant. It worked perfectly for me by streaming conversation directly to my ears from 6 people around the table, and not having to move the phone. The only thing you need to make sure of is that you have a fairly full battery before you start out from home. Whereas the min mic I have would have needed to be passed from person to person. Which is a jolly nuisance when your out.
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