Yes, they do.
The fact is that if no one reads your press release, it won’t go very far. The benefit of press releases for SEO is that having information about a company, brand, or website mentioned in news and media outlets improves exposure. A well-executed press release may be quite beneficial to a website’s SEO. The link from the press release directing to the company’s website will add a backlink for your business. In theory, press releases should give not just a high-quality backlink but also a significant amount of referral traffic from people who read and share the news publication. Every time a news outlet or newspaper quotes the original press release, a high-quality backlink connecting to the original website will be established.
Who can say no to that?
But remember to change the words of the press release if you are going to post a press release from any other website to yours. If you have the same content, Google might think that you have copied that from the news publication’s website and penalise you for that.
There is a widespread notion that simply posting a press release on a PR website and linking it to your website is sufficient. However, this is a really bad practise that has resulted in a lot of press release spam. The ultimate purpose of a press release should be to get the item picked up by a journalist, who will then disseminate it to a news source, where it may be picked up by another news source, and so on. This means preparing press releases that are truly noteworthy and interesting.
For publishing the press release use a respectable, value press release distribution company and make sure the submission is going to be valuable to readers.