Thank you notes, I still say yes. They're probably not going to get someone a job but I think it's a way to set yourself apart.
Regarding cover letters - Unless they're required, no - I don't consider them a good investment of time.
As a recruiter, I do not read them. All your relevant experience should be reflected in the resume.
Cover letters are opinion pieces. Resumes should be factual documents. I'm interested in facts.
As a candidate I really never did cover letters. If they were required/requested, I usually exited the application.
Especially if it was one of those "tell us why you're just dying to work here" ones. Well, I haven't interviewed with you yet, I haven't spoken with the team yet, haven't spoken with anyone about the position, so I have no idea if I'm dying to work there nor do I have time nor inclination to blow smoke up your butt. So no.
A cover letter is never going to make someone who is not a fit for my position be a fit.
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