There are various different strains of religous/spiritual/philosophical traditions that use meditation (of various kinds), in Hinduism and Buddhism (buddhism especially spread around the region in different variations), (maybe also in esoteric/mystical Abrahamic traditions too?), I'm not sure "ego death" or nihilism is seen as a goal or anticipated as an outcome by all of them.

But I think it's probably true that none of them think meditation is a "simple stress-reliever". It is a powerful tool, and like all powerful tools, you can cut yourself with it, and should learn it with someone more expert who can guide you and keep you from hurting yourself.

I suppose what's "good for the soul" depends on your theory of the soul and what's good for it. (Those who believe something resembling "ego death" is the goal believe that's "good for the soul"!) Seeing it as a tool to make you "more effective" (sounds like some kind of "productivity") definitely doesn't seem right, although probably is common in the de-spiritualized "self-improvement" U.S. "mindfulness" trend.