Not that I've ever heard no. Reporting your service tag to Dell prevents the person who stole your device from using warranty services or selling your device with the warranty on it. Dell does not have the ability to track, trace, or do much of anything else, to try and find your device. Some laptops come with computrace but that is an addon service you have to pay for.

This looks like it goes to an Australian site, as such i'm not sure what the laws and regulations for that are. Hopefully someone does...