I grew up with Physics Today, too, and the ads really shaped my knowledge of available instrumentation before I even knew what that was.
I used to marvel that people would pay megabucks for what appeared to be a white box with three electrical connections, a power plug, and a power-on light. Now, when I read those, I'm like, "Your lock-in amplifier can do what?! Expletive. How do I send you my money?"
I did a big retrospective study that you could compare with however many job-ads are in PT these days: https://measuredmass.com/2012/09/20/whats-the-state-of-the-a...
Mathworks has been sponsoring full-page ads with them for years, as has Hamamatsu. They must think they're getting their money's worth.
I look at the ads as a way to keep up with new developments. When SRS has a new product, or a small cryo vendor has a new doodad, it is a good way to see what's new. It does come up occasionally in a group meeting: "Hey, looks like you're trying to do X. I saw a thing in Physics Today that does Y, which, if you bend it funny, and add a line, is an X.... "
I used to read a lot of geeky blogs when I was younger and they would advertise stuff that I thought was cool - gadgets and doodads mostly.
I went back to a couple of those sites this year and the ads are now mostly for single women in my area -_-