Do link exchanges work? Should we do it anymore?

I feel that the value of link exchanges is possible only through natural exchanges between related sites however i do not feel that one should make any strategy for large scale or even obvious link exchanges.
 
I still do a few but only when the sites actually make sense together. Forced swaps just for getting a link arent worth it.
 
i think link swap is only worth considering when there real reason for both sites to mention each otherwise it can look pretty forced if some random site is offering a swap out of nowhere check the site and why they want the link before agreeing
 
Direct A-to-B reciprocal exchanges at scale are easily flagged by Google nowadays. They only make sense if it's a natural, highly relevant context between two authority sites in the same niche.
 
honestly direct 1:1 exchanges feel risky now, google can spot the pattern easily. if its indirect like a three way swap and sites are genuinely relevant to each other it's fine, but wouldn't build a strategy around it
 
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