Is Guest Posting Still an Effective Strategy for Building Backlinks?

I know that link exchanges aren’t the best way to get backlinks, so I’m trying to stay away from those.

But I came across a high-quality website with good domain authority, and their content is pretty relevant to mine. The best part is—they accept guest posts.

If I write a guest post for them and include a link to my site, do you think this could count as a good backlink?