The plungers on the Central and Victoria lines aren't actually Emergency Stop plungers so to speak, but known as "Codebreakers". All they do is kill the ATP/ATO code which provides the train with instructions when in Protected (Coded) Manual or ATO driving modes. This won't necessarily guarantee the train will stop, so they shouldn't be used as the only method to stop a train in an emergency, at least not by staff.
As mentioned by someone else, it won't have any affect on a train in Restricted Manual driving mode. All it does is drop the target speed indication to zero which will bring a train in ATO/CM to a regular stop. Getting a zero code is also not unheard of in regular operations if there's an ATP failure or simply if there's another train ahead, so it wouldn't necessarily indicate an emergency ahead to the train operator, and in theory wouldn't stop a T/Op continuing in RM (although obviously this would be a major rule-break without speaking to the Signaller/Controller first).
It won't switch traction current off, it won't necessarily immediately emergency stop all trains in the area, and depending on the location it might not affect both travel directions (for example on an adjacent track) so should only really be used in conjunction with a hand signal to the driver or one of the other ways of bringing a train to an emergency stop in accordance with the rule book. Best to think of it as an extra step, and not the only step to stopping a train in an emergency. It's certainly better than nothing though.