That is true as far as the having a tangible effect is concerned. We have many examples in the past for this, in Africa when BokoHaram kidnapped 250 girls in Nigeria a popular hashtag #Bringbackourgirls was initiated and earned a lot of tweets but having no tangible effect. Many Facebook and twitter users who were not directly involved in this used is to participate in the hashtag activism, with no genuine interest in the issue.
But the other side of the matter should also not be ignores that this activism at least create a sense of awareness to those participating and can be useful in certain areas where the sole purpose is to make people aware of a matter or issue at hand.