It definitely does, no questions about that, but only as long has you have a high enough perceived value from the other party. A hobo playing hard to get won't win anything from it. You have to display some sort of value, be it real or faked.
To put it simple, if you chase something (job, love interest, etc.) it means you really need that something, if you need it, it means you have no other options, if you have no other options it makes you desperate and being desperate signals low value. If nobody else wants you, why should I?
Think of it like ivy league or a night club. Everyone wants to get into the ones that are the most difficult to get into whereas almost nobody wants to go to the ones anyone can just walk into. That's why girls will flake on you if you're always too available for dates while they're trying to go out with that guy who keeps ignoring their texts.
It's basic human evolution from our tribal days to desire what's scarce and discard what's not.