Yes, this is well known. It has been used by law enforcement to track and apprehend child predators. It has the unfortunate side effect of making it easy to track anyone.
That being said, I made a little (creepy!) hobby of finding out locations of people on YouTube, mainly vloggers, just by watching their videos and looking for site-specific information and correlating it with Google maps. I don't do this other than to prove how easy it is, and dear God, it is easy! I have found the exact home addresses of people by looking at signs, the inlet they live off of and other geographical features and a distinctive water tower among others, all features that no one would suspect to be used to locate them. I could do a Defcon talk on location hacking through images with what I've learned.
Pretty much, if you post an image or video on the internet and someone wants to find you, the EXIF data may be totally unnecessary.