Yes, facial oils/serums are effective. But one needs to understand that there is a thin line between good and bad. One can get adversely affected by those products that are not formulated to treat the skin type (e.g. for combination skin, you need to use a serum suited for that skin type). Products that don't have natural ingredients, fillers etc are not good and may produce adverse reactions. Only use the products that have been specifically formulated for your skin type and have natural ingredients. Always consult with a dermatologist to get the best advice for your skin.
A big percentage of women use face oils and serums despite the fact that they really don't know what they are supposed to do. They are just supposed to be skincare products that are anti-aging, but without knowing the right way to use them, they are pretty useless. So I would say Facial oils and serums are effective only if they are used the right way.