I would say yes and no.

A key goal of the job board is to allow candidates to see which companies are hiring and which positions are open. This is the most important thing to start with.

What strategy a person use to apply would vary. An experience individual would reach out to their contacts who work in those companies for a referral or find ways to reach out the hiring recruiter or manager to increase their odds of success/interview for reasons you said due to high competitions and candidate pools. On the other hand, for companies actively hiring and with many openings, e.g. Coinbase at the moment, a simple cold apply works just fine to get you to the door of interview.