ELI5: In professional sports, every surface is covered in sponsors' logos, that presumably the company paid a lot of money for. Does that kind of advertisement have any measurable effect?

E.g. when a professional athlete gives an interview, the screen behind them is cluttered with tiny company logos. Nothing else - not the product, not the features of the product, not the price, not even a slogan, just the logo. Same on jerseys and stuff. This kind of placement probably costs companies a lot of money, but does it have any effect? Does anybody out there see a BMW logo and go "Oh, yeah, right, BMW exists. I should go buy one"?