I learned this one during a period at work when I was the host of 10+ large events per week and I needed to move around the room. Spending more than a few minutes in any one conversation was a problem and so I landed on this as the best way to break away without creating awkwardness for the other person.
Key to the "follow me" strategy is to just start walking - 99% of time they will follow you rather than stand there alone. If you know them well enough / the context is OK then a light touch on the shoulder / elbow to point them in the right direction also helps.
The flip of this is that if YOU don't know anyone else in the room then ask them something like "do you know anyone else here?" / "have you spoken to anyone else interesting at this event?" - usually that provides a pathway to someone new and you say "Great! Can you please introduce them to me?"
Recurring events make it easier to meet others, and the regular, repeated interactions help form stronger connections.
Over time it also deepens your options of people to move around room for conversation - which is a nice way to break out of being awkwardly stuck in a 1:1 conversation for too long.
"Follow me so I can introduce you to Bob" is a way kinder way to exit a 1:1 than "I'm going to get another drink/visit the bathroom" and leaving them standing alone.