No effect on EMI, nada, zilch.
What it does is keep contamination from changing the intercomponent impedances by displacement. Can't contaminate a hole that isn't there. Its now filled with polystyrene.
Or, it cements things down and stabilizes them mechanically as in the references in the DIY article.
In "the old days" this stuff was very commonly used to fix the 15khz flyback transformer in color TV sets that had gotten loose. The kids in the room would be complaining about the squeal and the oldsters would say What? What noise? Open the set up, discharge everything completely (thats HIGH voltage) and apply the coil dope and let it dry. Mechanical vibrations gone, 15khz buzz gone.
Alan