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That's how I used CheatEngine back in the day. You would probe the game's memory looking for a value you can control (like health, item count, etc.) then increment/decrement it in game until you reliably found which location in memory was changing. Then you'd save it with a name and enjoy your cheat.

You're right! Moreover that's sort of how all exploits work if you really zoom out.

this works against exploits that need that offset pointer to to run any code at all

but doesn't work against something the user is voluntarily injecting as the user is quite happy to run the offset pointer locating code

Most games already use this (not as a security feature, but because the OS applies ASLR to them).