It's gonna help you when the test writer was playing some gotcha tricks with phrasing or whatever, but if you don't understand the material, even narrowing it down to a 50/50 isn't going to get you a good score, and if you truly don't understand the material you probably won't be able to eliminate half the answers anyway. And they are absolutely aware of the "answer b/c if you don't know" nugget, that's nothing special either.
Also "adaptive difficulty" systems where the system throws harder questions at you after successfully answering the easier ones are basically the "elo rating" of academics. Everyone hates elo but... it slots you into a very statistically accurate ranking. If you score highly on Level 600 questions but you are failing on the Level 700 questions, odds are good you are somewhere between 600 and 700. My understanding is that's what SAT/ACT were moving towards about 10 years ago, that it would be computerized and "everyone's test is personalized" by the elo system probing your exact knowledge level from a bank of questions with difficulty scores dynamically based on how "similar ranked" students performed on that question.