I tested it the middle of last year. Used unique SEO optimized content (high quality, SURFER SEO optimized). Low comp keyword in URL. Blasted it with GSA, blog comments, teir 2 and tier 3 links etc (10-25k of them). Let it marinate...and....drumroll...NOTHING lol
I ran 5 tests. 3 of the 5 indexed. The other 2 did not.
As for ranking, they didn't breach the top 30-50 results in Google.
Thousands of those links are still created and indexed everyday since a decade.
If it didn't work anymore, people wouldn't bother creating them everyday.
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