Multimodal recommendation has emerged as a mainstream paradigm, typically leveraging text and visual embeddings extracted from pre-trained models such as Sentence-BERT, Vision Transformers, and ResNet. This approach is founded on the intuitive assumption that incorporating multimodal embeddings can enhance recommendation performance. However, despite its popularity, this assumption lacks comprehensive empirical verification. This presents a critical research gap. To address it, we pose the central research question of this paper: Are multimodal embeddings truly beneficial for recommendation? To answer this question, we conduct a large-scale empirical study examining the role of text and visual embeddings in modern multimodal recommendation models, both as a whole and individually. Specifically, we pose two key research questions: (1) Do multimodal embeddings as a whole improve recommendation performance? (2) Is each individual modality - text and image - useful when used alone? To isolate the effect of individual modalities - text or visual - we employ a modality knockout strategy by setting the corresponding embeddings to either constant values or random noise. To ensure the scale and comprehensiveness of our study, we evaluate 14 widely used state-of-the-art multimodal recommendation models. Our findings reveal that: (1) multimodal embeddings generally enhance recommendation performance - particularly when integrated through more sophisticated graph-based fusion models. Surprisingly, commonly adopted baseline models with simple fusion schemes, such as VBPR and BM3, show only limited gains. (2) The text modality alone achieves performance comparable to the full multimodal setting in most cases, whereas the image modality alone does not. These results offer foundational insights and practical guidance for the multimodal recommendation community.