Therapeutic uses of electromagnetic simulation have been used for millennia. Although back in ancient times they did not understand the mechanism. Basically they used marine animals (I forget which one) to shock the patient to provide anesthetic or pain relieving effects. This has been verified by modern science, through the application of electromagnetic fields correctly to the arm, for example, you can apply greater pressure on a subjects finger without them feeling pain.
Electric shock therapy? Well, yes, there is some benefit to this. But there is a big difference between using electromagnetic fields on the body and inducing a current through it.
There are only two possible effects of electromagnetic fields on biology:
1. Deposition of heat. Electromagnetic fields do carry energy, and can warm of cells. You have to use a
huge amount of radiation to have any biological effect in a warm-blooded animal like ourselves, though, so that this is almost never a danger.
2. Chemical reactions. Chemical reactions can be caused when the energy per photon in the electromagnetic radiation is large enough to start kicking electrons out of their orbitals. This starts to happen in the ultraviolet range, which is why UV radiation from the Sun causes sunburns and can cause skin cancer. No radiation lower in frequency can do this, which means that any radiation in the visible, infrared, microwave, or radio range is perfectly safe, provided the total energy deposited isn't too high.
Magnets themselves fall under electromagnetic fields in terms of how they can impact biology. And in realistic situations, it is just not possible to use a magnet to produce anywhere
near as strong of electromagnetic fields as we experience on a daily basis. So the use of magnets in therapy is pure woo.
Except as components in more complicated machinery, of course, such as MRI machines, which make use of radio-frequency waves to cause the nuclei in our atoms to sort of spin (which has almost zero effect on biology), and then powerful electromagnets to carefully measure how quickly those spins relax. Different materials tend to relax at different rates, giving us an image of the internal structure of the body.