If someone is the head of some product at google and you want them cold email an offer you were always comfortable offering. If they accept or counter or want to talk or engage perfect you beat all the others.
It could work for targeting lower paying employees at less known places. If the person is worth at least what you are offering it's a no brainer. If a recruitor reached out to me with an offer in hand even if it was lower than my current pay I would engage knowing they are serious. When they reach out now and still require 4 rounds of interviews it becomes a farce to get someone paid for getting people into a hiring funnel. When a founder reaches out personally you listen.