I think yes, it helps to establish contact with business partners.
Quite interesting question, however, it's not that easy to answer. Personally, I really like golf and if there is a possibility to spend my working hours playing golf - nothing can be better.
This game allows you to learn a business partner a little closer, and at the same time keep the conversation going, which would be more difficult in some kind of team sport. The game has a healthy rivalry, where you hardly reach aggression. In addition, golf has a certain elitist status, which makes it attractive. However, it seems to me that golf is a pretty old school. Now people use something like this to spend time at informal business negotiations: https://best-vegas.com/las-vegas-concerts/
People test each other for strength in a variety of even extreme situations.
Golf is about forming relationships and using a leisure activity to address business matters. Generally, people want to do business with people they like and respect. Golf serves as a social vehicle for business. As the business world changes and demographics change in industries, I'd be interested to find out more about how golf is also changing. Is it still as popular in the business community as it was 20 years ago?
I'm not sure if this helps, but it's an interesting question!