It can help, but that’s really an outdated play IMO.
there’s a lot of issues you need to be aware of also. For example, if that domain has a lot of existing backlinks that are branded, Google’s going to think that your website is that brand. That means your website’s going to pop up for searches for that brand but also, things like company profiles and stuff that you’re going to see in the right-hand margin of Google might also mis identify your company/website. for example, searching for your brand name might bring up the info for the company of the redirected domain. I’ve seen that happen several times.
The best play would be to restore the domain with content, and then link to your website from a few key pages. this comes with a little bit of baggage as well. For example, all of a sudden you have to continually maintain this other website.
A sort of compromise, halfway option here; you can set up some really basic hosting for that other domain and put some redirects in place such that you can monitor for specific refers and or specific URLs that you could redirect to your website. For example, if you knew an expired domain had a link from the New York times, you could conceivably put a redirect in place that detects referring host such that anytime that that host is the New York times, that would get redirected to your new website.
That’s a hacky way to get a link from the New York times without having all the headache of managing those other backlinks being redirected as well.
TBH, you’d be better off spending a couple hundred dollars and getting an article featured on a highly trafficked niche website. You can spend that money an outreach or you can spend that money as a direct purchase. Either way, you got to have a budget for that kind of thing.