It doesn't work for backpacks that might have the company name embroidered on, but for cheaper print-on-demand items like hats and water bottles, acetone will cause the logo to dissolve or shift.

That says, I have personally removed embroidered logos from clothes before, when the product itself is excellent but aesthetically ruined by a logo. It's very finnicky work with a seam ripper, and has gained me a lot of nice thrift store finds.