My 2020 is ranked in the top 500 nationally on PG and got emails/texts from coaches at 2 D1 schools (mid majors) on his list. This happened right when they were allowed to contact him this past September. They had both seen him in Georgia this summer but specifically referenced his interest in their school and setup unofficial visits. My son doesn't want to leave Texas so he just had 6 schools on his list.
He wasn't contacted by a ton of schools (just one other mid major not on his list), so I think there are specific cases where it can help. As others have said, getting on the national radar or having a great showcase/event is the first step, but doing some research and building a list of schools you are interested in may open a line of communication at the very least.