Is Over-Optimized Anchor Text Holding Your Site Back?
https://www.beacon-bookmarks.win/is-over-optimized-anchor-text-holding-you-back-a-step-by-step-audit-and-repair-guide
Short answer: yes, if your backlink profile looks like a keyword stuffing spreadsheet. Long answer: it depends on context, but most sites with traffic problems have one common blind spot - an unnatural anchor text profile that screams manipulation