Do re-engagement emails actually bring inactive users back, or just trigger unsubscribes?

To improve our day 7 and day 30 retention, we set up a automated re engagement email sequence highlighting key features users hadn't tried yet. While a tiny percentage opened and clicked back into the app, the unsubscribe rate was surprisingly high.

It pushed us to question whether email drips are still effective for bringing dormant users back, or if they just remind people to cancel/unsubscribe.

What channel or trigger has actually worked for you to re-engage inactive users without feeling spammy?