Yes, they suck. But imo they suck less than a night out without one, and could realistically make the difference between getting yourself out versus not. If you’re going to test it really, you have to sleep out one night with the mylar, and another night without it. Otherwise, you’ll just think it’s shitty and not bring it. Only after you can truly compare do you get to say that it’s not worthwhile!
Spent an unplanned night on top of whiskey peak in red rocks many years ago, additional wind and reflective anything would have made it a lot less crappy. After that night I started taping a mylar blanket inside my helmet, and I have one in my bird hunting vest, hunting packs, etc. I have thus far avoided another unplanned night out without any overnight gear, but I have used or had close friends use them to good effect in a first aid/shock situation several times, both the avalanche situation mentioned above, as well as trauma. I have no plans to pull them out of my packs—interpret that both ways.