Yes, in most cases, yes, but it depends on the quality of the mask, the wavelength of the leds, etc.
Don't be fooled, it's not worth paying $120 or $150 for some Led Masks that are the same and have the same materials as the $39 Masks. There are some profiteers and scammers.
Choose wisely. 

Red light (630nm) stimulates collagen and helps reduce inflammation. Blue light (415nm) has antibacterial and antimicrobial properties; it fights acne-causing bacteria.
Yellow light (590nm), which can improve photoaged skin and improves skin texture. Green light (525nm) soothes and reduces redness. Purple light (390nm) promotes lymphatic drainage.
LED therapy is also known as phototherapy or light therapy.

Usage:
Each LED face mask has a unique usage time and frequency. To get the best results and avoid any side effects, follow the manufacturer's recommendations. The Light Therapy time should be within 10-15 minutes.

LIARTY Cordless Face Mask

This one is ideal because it is cordless, portable, and can be used anywhere. It has an internal battery and charges via USB.
The mask is made of ABS material that is odorless, anti-break, and durable. It has 270 leds.
It has seven color modes, with wavelengths, for different effects and results. 

Some masks have a neck attachment, to treat the neck skin too.

This one is very good and for a good price $39,99. It has a neck attachment, has seven micro-current contact surfaces (for micro-current massage) and a controller.

Read our post about Masks (sheets and creams) here.