This is an unreasonably effective tactic. It even works if you don't have any source code; it's usually possible to get the disassembler to tell you where the start address of a string is being loaded into a register, so just breakpoint that and you've got your reverse engineering starting point. Or just overwrite it with another string. "Thank you for playing Wing Commander".

Wielding the low-level binary debugger well is also a good way to unnerve your coworkers and survive weird situations, like when you've got no tools because you've broken your tools with your tools ( https://www.usenix.org/system/files/1311_05-08_mickens.pdf ; content warning for hilarious hyperbolic rant)