Do food items have any point in Fallout?

That +1 or +2 you see are actually how much they heal per tick. Essentially, they're heal-over-time items. So when you see +1(20s), this means that you recover 1 health per second for 20 seconds, or 20 health total. This means that health items tend to be the best healing items you can find since they're not as expensive as Stimpaks, which should be saved for emergencies or when you get limb damage.

When playing on Hardcore, food items become even more valuable as traveling the Mojave will incur hunger. As you get hungrier, your stats are reduced and you will die when you reach 1000 Hunger. Eating food will reduce your hunger, keeping you alive in the Wasteland.