Yes, as a demonstration of dedication I have no objection to presenting an infant to the congregation and anointing them with oil, or other such signs of committment. I did that with both of my girls.
However, it very much is ineffectual to immerse (and even more so to sprinkle or pour which have no value to anyone) when it comes to salvation. What does Scripture say is required to be saved?
Repentance: an infant cannot repent, because that is a decision to change direction. They don't know what direction they are going, don't understand the difference between right and wrong, and don't have the mental faculties to make that decision.
Confess the name of Jesus: an infant cannot confess Jesus' name because most of the time infant "baptism" occurs before the infant can even speak.
Be immersed: Yes, an infant can be immersed, but if they have not yet done the two things above, then they just get wet, just like you or I would if we did not believe the Gospel, repent, and confess Jesus' as our Lord.
Infant immersion is worthless in any way toward salvation. And a person who was "baptized" as an infant must come to their own faith, repent, confess, and be immersed as an adult or they remain lost.