Not really — even though they’re small, it is pretty wasteful. In Sydney there is a reuse/recycling centre called Reverse Garbage, which accepts a lot of different materials including bottle caps (which I think mainly get reused in school projects), and perhaps also the foam inserts, but not sure if such facilities exist elsewhere. I avoid buying bottles with plastic caps now (some supermarkets have milk in bulk so you can take your own bottle), so all I need to deal with is the foam inserts in wine bottle caps :(