No, but it can jedi mind trick your way past HR screeners. And that's the only thing that it can do.
If your only way into a company you want to work for is "through the front door" and you aren't a perfect on-paper candidate for them (same role at a direct competitor) then it could be worth your time doing this...
I did this once while applying to a fully remote company and it got me the interview (hey, it's hard to compete against hundreds of applications per day) but did not end up with an offer.