It's a non scalable outreach tactic. It's not a strategy.
Yes it has a good chance to work, if you are willing to spend hours researching your target, hours producing free content for that target, and insisting until the target gives up and give you what you want.
So, in other words, it is a good strategy if you genuinely are very interested in working for that particular company. Sure, sending out hundreds of form emails is a different strategy. But I'm not sure it's a better one.
Mind you, I'm not necessarily advocating, say, doing an unpaid internship in general--though that may be the price of admission in some industries. i.e. Spending multiple months for a shot at a position. But spending a day researching and preparing for an outreach to a company you think you'd really like to work for doesn't strike me as excessive.
Yes it has a good chance to work, if you are willing to spend hours researching your target, hours producing free content for that target, and insisting until the target gives up and give you what you want.