Yes, yet consider this. Have you learned to live with those memories? With your negative memories that you have survived do not those memories help you have empathy for others when you see them experiencing a similar thing.
PTSD is a good example actually. PTSD tends to happen being exposed to some really bad and traumatic events. What would happen if people never had to worry about PTSD? Would this mean those really bad and traumatic events never happened, or would they happen and people simply don't remember them?
Would this make it very easy to order people to do VERY bad things and they might not even remotely hesitate, because their memory of doing the bad thing can simply be erased?
Over time would reality even be what any of us think it is? We likely would lose tons of contextual information.
I think this could SAVE some people, but they are very rare. I am talking about people that you absolutely know are not going to work through it and are either going to commit suicide as quickly as you stop watching them, or spend their life in a mental hospital.
Those are cases where it might be beneficial. Yet I believe the negative implications of this technology are absolutely staggering.