With +259 million members worldwide, LinkedIn is a great platform to advertise on. It's easier to target your audience because you can filter it by employer, job title, skills, role and interests. I have used advertising on LinkedIn on a B2B basis. It worked well. It worked 2-3 times better than when I used Facebook ads on a B2B basis.
I never tried but I guess it is very effective for specific ads/offers because on the specific population that uses Linkedin.
My old company did very well with LinkedIn ads. It depends what your goals are. We would also pay to sponsor newsletters and saw great conversion rates there