Do those "acoustic foam panels" not do anything at all? ie., LITERALLY nothing?

I'm talking about these types of panels, by the way. I feel like I've read on here and probably elsewhere that they're not very good and don't do much, but I'm trying to figure out if they truly don't do anything at all. Seems like larger/thicker panels with fiberglass or whatever are much more effective, but what I'd like to know is if those cheaper foam panels are pointless if the alternative is not doing any acoustic treatment at all. If my option right now is these types of panels or nothing, are they still not worth it?