For all the years I've been sending out packages through eBay, I've only used foam peanuts maybe 3 times...and here's why.
1) I don't like them floating around all over the place whether I'm receiving or sending a package
2) I don't think they do a very good job if used the way most people use them.
3) If bought at a box store they are expensive.
So, here's my tip for the few times I get them free and decide to use them at all.
Most home-brew shippers never use ENOUGH OF THEM. How can a couple of cups of peanuts protect anything if
they don't actually CUSHION the item in a box? They can't. Either use ENOUGH or don't use them at all.
I once received a heavy metal tool (with 8 sharp corners) in a large box with peanuts, but because there weren't enough peanuts and the corners weren't wrapped with something the tool broke the side of the box and all along the route the peanuts came out until there was a large box with the tool, few peanuts, etc, etc,. I had to file a claim for damage.
***
So, if I ever use peanuts I put them in plastic, permanently sealable bags to make CUSHION PILLOW which still allows for some shifting of the peanuts, but not that much movement of the item. It may take multiple PILLOWS on bottom, sides, top of item, but it will get to its destination undamaged. I also wrap the item itself in bubble wrap or crumpled paper to sit within those cushions.
My feeling is that if you add enough barriers and don't allow for movement within the box the item will arrive more safely.