I'm old enough to remember when people still thought SMOTE was a legitimate solution to class imbalance in predictive modeling 😮💨
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This is a good overview of methods and approaches for predicting rare events: dl.acm.org/doi/full/10.... In general, SMOTE doesn't perform better than doing nothing, and in some cases it can perform considerably worse. Class-weighting, or "cost-sensitive learning," is generally preferred nowadays
academic.oup.com/jamia/articl...
There's a few useful threads over at CrossValidated about unbalanced classes. This is a good one that brings them together: stats.stackexchange.com/questions/35...