In my experience phytoplankton alone does help in a way reduce nutrient, the decomposition of phytoplankton seems to play a important role in it.
The problem that most aquarists don’t realise it’s that they are adding more nutrients from the fertiliser used to culture the phytoplankton to their system than beneficial nutrients from phytoplankton.
Phytoplankton itself has a very low P content, that shouldn’t make a large impact in a Normal tank, the usual P and N increase is solely noticeable in several systems by the fertiliser that wasn’t consumed by the phytoplankton culture.
The only way to have better results with live phytoplankton is by using a fertiliser that has a low P to N ratio, centrifugation to separate the live phytoplankton cells from the culture water or buy freeze dried phytoplankton and rehydrate before dosing to the aquarium.
The most common fertiliser used to grow phytoplankton has a ratio of 1:1 or 2:1 N P and phytoplankton is believed to consume N P at a ratio of 16:1 or higher.
I had better results with live phytoplankton as I changed to a fertiliser that was 15:1 N P that left me with a smaller P concentration in the culture water although it was still present after the usual 7 days.