Could there be another approach that could overtake its effectiveness in the future? One idea I had is where instead of you choosing the job(s), you pick the criteria you want the job to include, and submit your job experience, and it'll build a list of job openings around that. These results could be optimized according to the a higher likelihood of getting interviewed. Because even when you cold apply, you could still benefit from preventing as many automatic rejections as possible.
I don't know if that is already being done somewhere but I'd be interested in reading about approaches on how it could be implemented.