Yes. I bury 100gal or 150gal water tanks, one for about every 20-40 acres depending on terrain. They become a huge attraction for all wildlife, not just deer. I learned the hard way to locate them where they should be and not somewhere just because it's convenient. Do not put them at food. Do not put them at bedding. And do not put them out of the way & expect deer to divert their travel just for it. The best results I've gotten is by putting them on a travel corridor between bedding and food, far enough from either to not spook out either place, but as close to the main trail as possible so they can't not see it as they pass by. If you get it right, they'll begin using it right away and it'll become a regular stop.
Below are two different holes I had in place for last season. Both were in less than ideal spots but still managed to snag the attention of some good bucks. The reason I say these are not ideal spots is because both required the deer to detour their normal travel, and both were in wide open forest so most activity from big bucks was at the cusp of daylight, usually before or after legal shooting light. I think if they were positioned closer to a main trail and had some thickness to provide cover, I'd have gotten much better daylight activity. Also, neither tank was high up where bucks typically bed. One was half way down the hill and the other was in a bottom. I rarely get bright daylight pics of bucks in hill/holler type country except for up high. Does, however, love these water tanks and are in them day & night.
Long story short, yes water is an incredible tool to have so long as it's placed where you can take advantage of it. Deer will use it if it's there. How it's positioned will dictate when. That's my experience, at least. I've been tinkering with water holes for several years now on a couple different properties. One is 100 acres and the other is 40. I've still got a lot to learn with them but have seen enough by now that I'm convinced they work.