I'm going to get laughed at...ask me if I care.
I say it's better than nothing for sure, and it's certainly better than using your hands. Sure, they're not ideal polishers for today considering there are much better polishers made and offered today.
I have an old two handed version of a Craftsmen orbital 10". If it was fitted with a Velcro backing plate so that different pads could be put on it would be a beast on large panels even for compounding. It would be great for AIO's, or cleaner waxes. Pretty tough to use it in smaller areas, but great on large panels.
Some here feel they're boat anchors (they are still being made by manufacturers today), and while I understand their reasoning for stating such when compared with more modern polishers, sometimes you have to use what you have. I understand that.
The only problem with posting about it on a forum like this is that most either can't or won't help you because they use more modern tools or they don't sell pads/bonnets that will fit what you have, though AG may offer at least bonnets to fit that machine. If you search online you can still find pads and bonnets to fit that machine.
Some here say they're aren't powerful. I disagree 100%...at least with regard to that old machine I have because all 290lbs. of me has tried to stop it and I can't...rotating or oscillating. It has tons of power. If only the smaller versions of that polisher had as much power.
If I had pads to fit my machine it would be a joy to use on large vans and RV's. Then again, both arms would get tired compared to using my G110v2 and my rotary. Modern polishers (PC7424, Griots, G110v2, etc.,) have so many more advantages though.
Try Meguiar's Ultimate Polish, then Ultimate Wax.