Yes, Thushyanthini, High-quality backlinks are really important factor in SEO because it gives a boost in your search engine ranking and also increases your website traffic. If people link to your site (quantity), Google will think you have a quality site. If people link a better Domain Authority ranking site to your site that is higher than your domain authority (quality), Google will really think you have a quality site.
For a website to rank for its target keywords, it must have a quality Domain Authority. A large part of increasing Domain Authority comes from link building, that’s why quality of links matters much more than the quantity.
Here are some of the things that determine quality:
Link Attributes (Dofollow and Nofollow)
Trust Factor (Trust Rank)
It helps you to improve your ranking immediately. The number of backlinks and site ranking is directly related to each other. The number of backlinks will help you to get your blog indexed in the search engine easily. When your blog is new, it is quantity and quality which will boost traffic to your site. Backlinks are still a driving force in determining search results, but the quantity of links is no longer a dominant factor.