I think the opposite, because advertising puts out far more disinformation than information.
I also think that maybe the old "markets create competition, leading to better products at lower prices" bit could perhaps work in the absence of advertising.
Illustrative case:
Back when I was a car salesman I calculated that Ford Motor Company and associated dealers, collectively, were paying about three thousand dollars per car sold in their never ending effort to convince car buyers that Fords had some discernible superiority over other cars, when in fact a car is pretty much a car and that's all there was to it. Now, that money could have been spent towards producing cars that actually were better, or it could have just been taken off the price to produce a car that actually was cheaper, but that's not the system.