So I almost never used Chems in Fallout games. I hated getting addicted and then being forced to either find more of the drug or get it cured, and often the drugs had visual distortion effects (particularly when they wore off). And in general I dislike short-duration buffs from consumables.
That said, in Fallout 4, I might consider becoming a chem-head --- although if I were to use chems more extensively, I would likely take any chem-resistance and chem-duration-boosting perks.
Some chems have obvious combat effects: Jet boosts Action Points, Med X gives protection from damage --- or rather, you ignore it --- and Psycho increases your damage, although how it increases the damage of your guns I cannot imagine. Buffout increases strength, and hence carrying capacity and melee damage in Fallout-4, likely. Was never really clear about Steady, Hydra, Turbo, Rebound (?) and some other chems.
There is one chem whose effects are less clear in Fallout-4.... Mentats. In previous games, Mentats would give you a bonus to PER and INT, if memory serves (need to pop some Mentats!). In previous games this let you detect foes at farther distance (meh) and more importantly it indirectly increased your PER and INT based skills like hacking and lockpicking.
In Fallout-4, however, there is no lockpicking or hacking ~skill~ as we understand it now.... just perks, either you have it or you don't. So when you pop a Mentat, what effect ~is~ there, really? Does it just boost your Hacking / Lockpicking perk up one rank temporarily? That's a pretty substantial boost over their previous effects. In previous games getting +5 PER would get you, like, what, 5 more skill points? Ten? But jumping an entire perk-rank in Fallout-4 would be the equivalent of jumping 25 skill points.
Boosting INT/PER (or STR with Buffout) should also allow us to access dialog options that are gated by SPECIAL stat requirements, but will not, of course, allow us to choose perks that have SPECIAL requirements higher than our base.
If Mentats work like I suspect, however, it might be worth carrying some around in order to get, essentially, two free perk ranks (Lockpicking / Hacking) whenever you want/need them.