Not really. From a local SEO perspective, LinkedIn's value isn't in direct consumer reach - that's what Google Business Profile and local citations are for. It's about B2B networking with agencies, suppliers, and commercial property managers. I still work with plenty of clients who land partnerships through it.
Alternatives? For that specific use case, nothing else has the same professional context. Facebook groups and industry-specific forums can replace parts of the function, but LinkedIn's searchability and profile-as-CV make it indispensable for local business development. Missing something? Only if you're expecting it to behave like Instagram.