Is vacating wins all that big of a deal? Especially if there aren't any other sanctions to go along with it? And I'm asking in general, not necessarily specifically about this case.
In the short term, vacating wins is not a good punishment, but I think it works as a long term punishment.
For example, let say Ole Miss gets hit hard by probation & stinks for 5 or 6 years afterwards. Sooner or later they will rebuild their program & the dark days of probation will be lost to history, but vacated wins, particularly if you win a big bowl game or championship, serve as a permanent reminder of the wrong doings. In 20 years, after the effects of probation are long gone, some kid will ask his dad why Ole Miss hasn't been to the Sugar Bowl in 60 years & the dad will have to tell the kid the story about how they went but the trip/win was vacated due to cheating.
So, to answer your question, vacating wins serves as little punishment in the short term, especially to people who attended the game, but it's severity grows over time & is a permanent scar on the program that can't be erased.