I use it all the time for anchoring my screw eyes.
I drill a small pilot hole, run the screw eye in and then take it back out again. If it's a PVC bait, I coat the screw eye with super glue and then run it back in, letting the squeeze out form a pocket around the eye to keep it from rotating and unscrewing. I've never had that happen in all the years I've been doing it.
For balsa baits, once I've drilled the pilot hole, I use a fine sst wire to put runny super glue all the way down into the pilot hole, so it soaks into the surrounding wood and makes it stronger. Then I run the screw eye in and back out, just like with PVC, coat it with super glue, and run it in again.
I use LPO's weighted hook hangers for my belly weights, and do the same thing with the 1/4" holes for them.
A word of caution. Make sure the glue in the holes has dried/set before you test fit your dry ballast weights in the hole. I didn't do that with one bait, and I wound up twisting the wire off of the weight when I tried to get it back out.
I have built balsa baits this way out of hobby store light balsa, and the hardware has held up to fish, and slapping weeds off my bait. I did a lot just to test how well the hardware held, and it never had a problem.