(Source)

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I did not know that dryer balls existed. The first time I heard the term I though

throw some baby powder down there and Boom you've got dryer balls

But it turns out that they are real products, and it's time to look at the claims:

Reduces static

one claim is that these reduce static. I cannot find any evidence to prove this or disprove it. Until an answer can be found, it is undeterminable. You would think however if they make this claim, they should have some evidence.

Reduces dry time

Because these move in the dryer, advertisers say that seperates items and allows them to dry faster. One source I found saw an 8% reduction in time, whereas another source found <1% reduction with various sizes of laundry loads.

(Source)

So this claim seems very dependent on a number of factors as may not be entirely true.

You can use fewer chemicals when you do laundry

This kind of strategy genuinely irritates me, because if you don't read it too carefully you say "oh cool", and if you read carefully you say "that means nothing". I have no need to use any chemicals when I was my clothes. They happen to be referring to fabric softeners, but in reality there is no need for it at all, so this claim is true, but stupid.

Fewer Wrinkles

Admittedly a hard claim to quantify. Many articles online cite the stated benefit, but Popular Mechanics took on that claim and stated "Difficult to detect a noticeable difference--other than increased noise--when drying with the Balls". So this claim seems to be in contention as well.

Verdict: eeh not terrible, but could be better