No, dude, it doesn't. Thoughts and prayers means, "I can't do anything materially tangible to help you, but I sympathize and/or empathize with your plight and sincerely wish you the best...I'm going to go out on a limb and assume you're not much of a religious type, but we who are truly believe in the power of prayer to help those in need. It may not be immediately evident from a worldly view, but it does help.
Besides, think about it from a more pragmatic/selfish perspective; nobody has the time, and few the financial resources, to materially help with every single crisis going down. At that point, why should they pick and choose who gets their help and who doesn't? What makes someone worthy of physical aid and the next not? I would bet money that *you* don't donate money to every charity on the planet, or volunteer at every crisis response effort that you hear about. What then do you do for the causes you don't help? Nothing? If so, what is the harm of someone else at least making it clear they stand with them in spirit and understanding?
(Hint: There is none. If you really want to show up people like that, for whatever reason, prove you can do more by helping out materially everywhere you see someone help with 'thoughts and prayers'.)