Yes, Anchor Text is a Google Ranking Factor

According to seoblog blogs, Longer anchor text gives web crawlers more context. John Mueller explained that Google reads and processes all anchor text, and longer, more detailed anchor text enables the search engine to have a better understanding of what a page is about. So, while long anchor text doesn’t directly affect rankings, indirectly, it certainly can. Anchor Text something that can be leveraged as an SEO tool that gives Google extra insight into what a page is about. Use it carefully!