If you use Shimano, remember there are 3 cleat types with regards to float. Blue, red and yellow.I tend to agree. Adjusting my new pedals from the factory setting (too lose) to about the mid point greatly increased the stability of my foot, which I think may have reduced my knee issue.
If you just want to try a pedal with more float, a cheaper solution to try might be using Look pedals. They have 50% more float than Shimano pedals.
I prefer yellow. If anyone wants to try blue I have.a new pair gathering dust...