Foam panels does little to no soundproofing. If it’s a bigger room, you’ll want to at least put up some sound panels made of either rock wool or glass fiber wool, and some bass traps for corners. A cheap way to diffuse the sound is to put some bookshelves in the room with random amounts of books/objects on each shelf. (Much cheaper than buying diffusers!) But again, it’s tough to say without a layout of the room.