Yes, Quality backlinks will surely boost your SERP’s.
Apart from that, backlinks
-Improve your search engine visibility
-Add credibility to your website
-Targeted keywords in your anchor text will influence your rankings.
-Improves your social media reputation
(If you have authority backlinks to your profile then it would help build a good social reputation.
-Help to improve PR.
Backlinks help as long as you are doing it organically. Stay away from link building packages and link blasting services, they may lead to penalty.
I prefer “keyword country” as an aid to find good sources of link building and it works for me well.