I thought that the priority here was to de-couple them.
That's the main priority, yes, but you still want a continuous seal, and some mass, and some structural integrity. I would be concerned that if you tried to pull any new cables through there, that thin packing foam would rip. Also, if it is the type of foam that I'm thinking of, it is "breathable", not air-tight.
Also, I felt that since the points where the conduit enters both walls are sealed - around and inside it - on the front (from inside the room) and on the back of the plasterboard - it would make it quite difficult for the sound to escape from there and eventually leak in the gap between the walls from the conduit break point.
You will probably be OK, as long as the
ends of the conduit are vary carefully sealed. Right now, you have an open pipe into your air-gap, through the conduit!

So you need to take extra care to seal that: Stuff in as much insulation as you can, around the cables, forcing it down the pipe as far as you can get it, then apply liberal amounts of acoustic caulk over that, to completely seal the end of the conduit. You might even want to put a "putty pad" over that seal too (after the caulk is cured), to make sure that you have enough mass there.
And even if a portion of it does leak, then it would encounter the same "resistance" to get out the conduit on the other wall…
I'm assuming that the thin foam is not air tight, and certainly is not rigid enough to resist the resonances inside the wall cavity, so basically it isn't there, acoustically. sound inside the cavity has a free and open path to both sides of the wall, through the conduit. That's why it is very important that you seal the ends of the conduit on both sides very, very well.
To understand the difference, hold a piece of that think foam over your ear, and see how much sound it blocks. Now hold a piece of the sorbothane over your ear, and see how much that blocks...
- Stuart -