FYI: Packing foam is often highly flammable. Use at your own risk. (By contrast, acoustical foam is typically flame-retardent. And mineral fiber materials are inherently flame-retardent.)
Secondary concerns: Packing foam is often less acoustically absorbent than purpose-made acoustical foam. Also, packing foam is often not made to last whereas some acoustical foams are specifically engineered for longevity.
HTH.