Through it runs my AC ducts which are insulated pretty poorly from what I can tell
If that includes the warm duct, that's an electric space heater with extra steps. So not surprising it would get hot in there.
It’s difficult for me to imagine that permanently shading the roof and leaving an air gap above it would not improve things in addition to the presence of insulation and the attic itself
The question is whether it would improve the situation more or less than spending an equal amount of value on building houses with taller roofs and thicker insulation, or insulating the AC ducts, or allowing the hot air to cycle out at night, or something else. If you only compare it to not having it, of course it will have some benefit.