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For me, I run it, (wait for ten or so seconds - it sort of stops me TABbing out for a few seconds anyway) TAB out of the pipboy, and then wander about looking for things I need to fix, while the plots slowly upgrade.
When its done you will get a popup box that requires a click stating - all plots have been upgraded to level X.
It can take a while, allow about a minute per plot - if it is your entire settlement of say 40 plots, it might take 40 minutes to complete.
If you have most of your settlement plots already at the level you select it knows and only does the ones that are not.
If you only want to check out a single plot, or want specific plots higher than the rest of the settlements plots I use "cf unlocklevel" when the plot is selected in the console.
To add to this, you may see notifications about "settler upgraded their home at <settlement>" as each plot completes (depending on your MCM notification settings, of course), which lets you know that the script is in fact running. It seems to upgrade one plot at a time, completing its current action before moving onto the next, so you should have a steady stream of notifications popping up every couple of minutes as it works.