I have few products in my shop, can this module still be useful to me?

Yes, the module can be useful even with a small catalogue: its value depends on which pages you want search engines to display, rather than product count alone.

For example, review internal search pages, filter combinations and some utility pages. Assess each case according to its content and usefulness to visitors. Legal notices and terms and conditions do not automatically harm SEO.

The module lets you select pages for noindex. This setting does not guarantee improved rankings for other pages.

Before enabling it, see how to choose pages to deindex and keep indexing enabled for pages that visitors should find through Google.