I’m pretty sure that will only work if Google assesses that the page is actually about the search term. If I were to register bakewonderfulcakes.co.uk and had content like this:
I like to bake wonderful cakes, because they’re just so good to eat after cycling. I love cycling and I’m fortunate enough to live in a beautiful area … lots more stuff about cycling
I’m pretty sure Google wouldn’t rank me for “bake wonderful cakes”, even though the phrase appears in both my domain and the first line of my content. Google would (rightly) determine the page to be about cycling, and (hopefully) return it in results for cycling-related terms, rather than baking-related terms.