I have had extensive trouble with both of my knees. I had a bad MCL sprain in my right that took years to clear up. Caused effusion which limited range of motion and made the muscles shrink. Nothing could contract properly because of all the fluid. It took me draining the knee every day for eight months for that to clear up. Then my left knee got an effusion from overuse. I've been draining that one for almost a year and it seems to be calming down, but more slowly than the right did. The right knee is almost completely stable now, though I have to drain it every couple of months after heavy use.
I relied on Rehband knee sleeves for the longest time, but I've recently thrown in the towel and started using THP knee wraps when squatting heavy. I was trying to stay RAAAAAAW, but I wasn't doing my knees any favors. My knees are much happier since I started using wraps for heavy singles and for the actual work sets.
People will say that I'm getting extra pounds from the wraps and that I'm preventing my knees from getting strong. Ha! Preventing my knees from getting beat up is more like it. That's worth "cheating" ten pounds on my squat to me. If I don't use the wraps for the hard and heavy reps, my knee fills up within hours and has to be drained (the fluid just will not go away on its own with RICE). If I use the wraps, the wraps take the brunt of the trauma at the very bottom of the squat instead of my knee capsule.
As for those extra pounds, I'd say they probably don't amount even to ten pounds. The range where they "help" is the range where I'm bouncing off my knees anyway. The wraps just take the brunt instead of my knees. I've tried near maxes on the same day with and without wraps and didn't get any extra weight. What I did get was relief from knee pain at the bottom and confidence to pull down hard at the very bottom and reverse hard. Without the wraps I hold back a little, slow down and do something approaching a paused squat.
I see claims of people getting 50 lbs out of their wraps. But that requires an extremely tight wrap, the kind that makes you walk stiff-legged because you can't bend your legs under your own power. I've had one of the multi-ply powerlifters wrap me as tight as those guys do and couldn't handle the pain or control even warm up weights.