My common sense is that it varies per market. In an employer's market this bad you either need to be highly specialized or you need to get your submissions in early. First 24 hours matters a lot more than your actual skillset when job postings are regularly receiving 1000+ applicants. You know the hiring managers are going to stop after they find a few dozen qualified applicants.

But in a good market, sure. You can throw your hat into a random general application and you still might get a call back. Old postings are worth a shot. Any connection with an internal recruiter at least guarantees you start the process.