Yes, it does helps but it also depends upon the niche you are advertising. For me, I find FB ads better than Adwords.
Of course as we all know that social media has a great craze all over the world then advertising via facebook or any other social site is not a bad idea. It will definitely help to drive traffic.
From my own experience it works well if you are promoting events or consumer related items. But I see better results running adwords for most other topics.
I do like how with facebook advertising you can narrow things down to specifically target groups of people.