If it's done right, yes. When it comes to backlinks, the more high quality links your site has, the more search traffic Google will send. However the Google guidelines say you should not build backlinks. This includes link exchange and buying links.
That being said, when doing any type of link exchange it's best to avoid A-B links. A-B-C are better and A-B-C-D are very difficult for Google to catch. You will also want to keep your link exchanges within the same niche so they appear more natural.
Link exchange is no more beneficial as Google considers them as link trades between websites. Hence they are only useful to exchange traffic between websites.
A link exchange is a confederation of websites that operates similarly to a web ring. Webmasters register their web sites with a central organization, that runs theexchange, and in turn receive from the exchange HTML code which they insert into their web pages.
It has both pros and cons. It can generate referral links to your page and get you rank up quickly, but it's also a red flag to Google because too many people have done it and it's too obvious.
Extra or more backlinks are not good they could be big affect on your ranking, but some good licks are like high DA, PA and value are increasing your ranking as well as.
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