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[Space Balls] Are the Schwartz rings really bupkis?

Early on, we see Lonestar using the Schwartz ring to project a mêlée energy weapon snd shoot some kind of energy beams. Later on, when it's lost, Yogurt claims that the ring was bupkis and that he found it in the bottom of a box of Cracker Jacks. Do all the powers of the Schwartz ring actually come from within, and the ring is just a kind of psychological  prop? Or is the point more that while the Schwartz rings *are* useful in terms of the blade projection ability, etc, it's pretty small potatoes compared to other, non-ring dependant schwartz powers?  Or is the ring pretty powerful all-around (even if Schwartz users aren't completely impotent without one), but Yogurt was bending the truth to tell Lonestar what he needed to hear to stay in the fight and not give in to despair?

Update: Oops. Spaceballs should be one word with no space.
gpt
They seem to have a use, in that they are capable of projecting the beams to fight with. However, if we take what Yogurt says as true, and the ring itself was merely from a Cracker Jack box, this could imply a Schwarz user may create such a beam out of other objects as well.

Yogurt's point certainly seems to be that the ring itself is not the source of one's abilities, but that it is just a useful conduit which makes it easier, almost like a magic wand.