Probably not for long. Memory foam loses its "sponginess" after too much compression. An insole is a thin layer with a lot of compression on it, a person's whole weight applied over and over and over again.
I spend most of my work time (up to 12 hours/day) standing and walking. I found that gel insoles worked better, specifically ones with thicker gel under the heels of your feet. I also found that you generally seem to be getting what you pay for. Cheap insoles wear out quickly and expensive insoles usually don't. The pair I currently use were £30 IIRC, but I've been using them a lot for a year and they still look and function as new. I just take them out and chuck them in the washing machine on a 60C cycle every few weeks. They easily outwear my cheap shoes, which I bought solely because they're mesh but don't look obviously mesh. So they look OK enough for my job and they cut down on how much my feet overheat. And they're £13 a pair. So I just buy a few pairs at a time and bin them when they wear out.
I also found that a good pair of shoes with really good and suitably impact-absorbing soles, shoes designed as workwear for people on their feet a lot, worked at least as well. At ~5 times the price of my cheap shoes and the insoles combined. And they didn't last 5 times as long.
It's going to be subjective, though. Different people, different working conditions and different causes of discomfort. A quick cheap test that the OP could do would be to buy gel heel cushions for a few quid and stick those in their shoes to see if that helps. Something like this:
Two pairs for £7. That was just the first result on Amazon. You could probably shop around a bit and get one pair for under a fiver. If it helps, then they know that some impact absorption under their heels works. If it doesn't help, they only wasted a few quid.
