Targeting: [Business] Near Me Keywords

Has anyone done any tests, or seen any tests done on targeting these types of keywords for local businesses? I am definitely aware that it triggers a proximity bias to the users search, but is it possible to push the needle in your favour by having on page targeting for "near me" (page title, meta description, headings, in content, links, images, text, etc)? I keep seeing it over and over again by other businesses in my industry, and I'm wondering if it really works? Surely google isn't this stupid....right?