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They are effective if you consider that, unlike reallife, there is no "lucky hit" and sink a ship like it has been in reallife.
In hoi3 you have to persistently attack a fleet over a period of days to guarantee any damage. This is regardless of whether you're using land-based aircraft or CAGs.
That being said naval bombardments against vessels aren't automatic or immediately decisive. Also, you'll never be notified when your naval bombers sink a vessel - you'll have to look at the stats for that. If you keep doing damage they'll spend more time in port than they will attacking you.
Also, naval bombers are best against vessels in port, so port strike them when you can.
Edit: http://www.hoi3wiki.com/Naval_Bomber_statistics
See this link for more statistics.