I tried them 15 years ago and couldn't see a point in them. But, I am sure they have newer technology now, mine were glue cover pads that were difficult to measure and I think I took more off than I kept.
I've used the fletching wraps and they worked fine for me. My thoughts were that they'd be good to repair an arrow while gone on a hunting trip. Some say that they change the center of balance, but I had no change of impact at all with them and they were very durable.
I use them on all my arrow builds now. Adds character and it's easier to fletch in my opinion. I bought bulk, self-adhering vinyl off amazon for pennies on the dollar compared to pre-cut wraps. I cut my own wraps, about 1" wide by 6" long. Then I roll them on using a mouse pad. I use regular gorilla glue superglue to fletch them all and never had a problem.
I shoot traditional, off the shelf and don't have any issues with wear or tear on the wraps or my shelf. The only issue you can run into is an occasional tear of the wrap if you shoot a tight group, miss a target or shoot through a target. Never had the weight of a wrap noticeably affect FOC, but I also run 300 grains up front so FOC is not an issue with my arrows, 25-30% FOC most of the time.
I buy cheap feather fletching and my vinyl in 12"x12" sheets on amazon so cost is minimal. My favorite color scheme at the moment is neon orange wrap with white 3" high back shield cut feathers. High visibility and looks good. Albeit, a white wrap and neon orange feathers are my second favorite look.