They definitely still work, but the rules are way stricter now. You can't just grab a high DR domain and repurpose it for a totally unrelated niche anymore. Google's recent spam updates really cracked down on that kind of expired domain abuse.
These days topical relevance is the only thing that matters. If the domain's history and old backlinks line up perfectly with the exact niche you're building in, it's still a massive shortcut. But if you're just buying a domain for its authority metrics and planning to force a different topic onto it, Google will likely ignore the links or even penalize the site. If you can't find a clean, perfectly relevant expired domain, starting fresh is definitely the safer bet.