I believe it is reliable.
I use preset white balance with my D300. The presets were created using a Kodak Gray card with the intended lighting. I have one preset for use for my above water macros with my softbox. I have another preset for use with my twin DS125s underwater. I have verified the results of the presets by taking photographs of the gray card using the intended lighting and ensuring the gray is grey (R=B=G).
I shoot raw+JPEG. If I load the raw and the JPEG into CaptureNX they are identical. i.e. Nikon applies the settings inside the raw image when presenting it on the screen in CaptureNX. This is the default raw processing, I, of course, have the option of changing this if I want, but they do match.
I have taken photographs of my Kodak Color Separation chart using the preset for the corresponding lighting in use. To my eyes (and I use my eyes for doing my post processing) the colours on my calibrated monitor very closely match the colours on the physical charts when looking at the JPEG or the raw in CaptureNX. When I load the raw in Lightroom, I can get most of the colours to match but not all of them. Perhaps I'm not tweaking the ACR settings correctly, but I cannot get them all to match.
Here's an example of a photograph where the colours were correct in the JPEG (or raw in CaptureNX) but the processed raw in Lightroom was different. (And, yes, it is not a fantastic photograph, but it does display the issue.)
Here is the JPEG (which exactly matched the raw in CaptureNX):

Here's the best I could do with the raw in Lightroom:

The sponge in the top right was yellow. I know it was yellow as I saw it in the flesh. The JPEG correctly captures it as yellow. I could not get the same yellow with Lightroom without messing up the other colours. But, assuming I was able to get it right, without having the JPEG showing me what is correct (or at least what I am prepared to believe is correct), I probably would not have got it correct. If I was to process this photograph, I would have used CaptureNX to do the raw conversion and then imported a TIFF into Lightroom.
Fortunately, the above image is an exception. For most of my images, the preset I used (MLK D300) does a sterling effort and the end result closely matches the JPEG, but without the JPEG, I would not know.