Depends on the thickness and where its placed TBH, thicker foam nearer bassy areas of the room, It should help kill any echoing/reflection though and depending on the room size/layout could make a hellofa difference (my place is a killer for reflection/echo)Keep in mind that acoustic foam only absorbs high frequencies; it lacks the mass to do anything about low to mid frequencies. Creating an imbalance in the sound by killing the highs could make it even harder to mix.
Its no substitute for testing a mixdown on a few different pairs of speakers though and a decent set of reasonably flat headphones Sony v6's are my pref and are pretty well representing of what comes out of a system at the end once you roll back the high and low a lil to regular consumer levels.
I remember seeing a monitor speaker a while back designed for studio testing production results on smaller systems, wish I could find the damn thing again - it was around $100 if I remember rightly.
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