alt Hacker NewsDepends on what you mean by cognition, but as you yourself said, BOLD may be correlated with certain kinds of long(er)-term activity, and that in itself is very useful if interpreted carefully. No one claims to detect single "thoughts" or anything of the sort, at least I haven't seen anything so shameless.
Well, a lot of task fMRI designs are pretty shameless and clearly haven't taken the temporal resolution issues seriously, at least when it comes to interpreting their findings in discussions (i.e. claiming that certain regions being involved must mean certain kind of cognition, e.g. "thoughts" must be involved too). And there have definitely been a few papers trying to show they can e.g. reconstruct the image ("thought") in a person's mind from the fMRI signal.
But I don't think we are really disagreeing on anything major here. I do think there is likely some useful potential locked away in carefully designed resting-state fMRI studies, probably especially for certain chronic and/or persistent systemic cognitive things like e.g. ADHD, autism, or, perhaps more fruitfully, it might just help with more basic understanding of things like sleep. But, I also won't be holding my breath for anything major coming out of fMRI anytime soon.