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All the time. I'd imagine this happens far more often than leveraging an external offer. You don't need one to point out that the ROI you provide is worth more than what you're getting paid. Come in with a clear number in mind and the data that proves you're worth what you're asking for.
It sounds like you wanted to utilize an external offer to get a raise. Honestly, I've done that before and it does help, but not really necessary. I think it's more critical to simply have an open conversation with your manager about what you want. If you feel you are underpaid, let them know. If you think you are properly paid but want more, see if there is something you can do to bump you up a level, maybe a promotion that comes with more income. Doesn't hurt to at least open those doors.
Why would you ask for a raise if you already considering leaving? That situation would just set you up for an unhappy situation.
What is your company’s policy on raises? Do you have annual merit increases? How long have you been in role? Is there a promotion path ahead of you?