Probably not. But it could appeal to many popes, and it didn't prevent many of them to be scheming manipulating power-hungry a------s. (The "may not own stuff" is not really different from "I am a CEO with no salary and a company plane.")
I just don't see a smart and reasonable person wanting to rule over other people. And even if you wanted to, I don't think there is a good strategy on how to do it.
For any benevolent enlightened dictator, I see an analogue of the classical Epicurus quote about God:
Is the ruler going against the will of the people by manipulation? Then he cannot claim to be enlightened.
Is the ruler going against the will of the people by force? Then he cannot claim to be benevolent.
Is the ruler not going against the will of the people? Then he cannot claim to be a dictator!
What Plato is describing is simply a fantasy that glosses over many real-world complications of ruling. Such as, even if you were a genius ruler, how do you select your associates and underlings? You need a system anyway, there is no way around it.
(It is also kinda similar to fallacy of Cartesian theater - if only we had a perfect component where all the decisions are made, we wouldn't have to deal with all the complicated details of how that component actually arises from more elementary things.)