The raid did have some very real effects because it lead to a mis-allocation of IJN surface vessels to guard the approach used by the Enterprise-Hornet battle group to prevent a repetition of the Doolittle Raid. There is also some evidence that it sparked Japanese planning for the seizure of Midway Island — and we know how that went.
Risk/Reward was well Played by the US, Brilliant Command.
Not Demeaning the Incredible Sacrifices Offered by US Naval Airmen and Sailors at Midway.