I used foam (wrongly) on my first test layout, and I won’t use it in the future.
I found it loud (I had the foam supported in a wooden frame, not layered with another material), I also grew tired of working with the foam and the constant mess it makes. Not to mention trying to attach things to the bottom side (like switch machines).
On my second test or chainsaw layout, I moved to cardboard strip lattice work covered initially with masking tape, and than with either plaster cloth or a vermiculite mix. The cardboard is inexpensive, (I just used old boxes, so the cardboard itself was basically free) and fast - with a hot glue gun, you’d be surprised at how quickly you can create large terrain features. The tape covering also goes quick, and just provides a good base for the following plaster coat.
People note they prefer the foam as they can easily make lower than track level features; I found carving or rasping out a foam pond to be a lot more difficult than I thought it to be - and with what I’m using now, creating lower than track features is also not a challenge.
Economically, creating tall mountains or hills does require a fair amount of foam, and it’s not that inexpensive. It’s one thing to use it for facing on a cliff side, or a flat or low rolling hill structure, but to entirely support a large mountain requires a fair bit, reducing it’s economy.
I can see it’s appeal for a smaller layout (4x8, or shelf based, with limited terrain features), but for myself its advantages just didn’t pan out. I also have (limited) concerns on the environmental impact of the foam and it’s manufacturing, but that’s just an aside.
Naturally, if you can get enough to do what you want for free, than I’d say have at - although I’d still recommend a solid, if very thin, plywood layer under the foam.
EDIT - added a couple of pictures. I hope they can help you make a decision either way.
From my first test layout -
before