Well, yes and no.
With the above command, you are not searching the file system. You are searching the raw disk. This command will work on any Unix-style system (perhaps with some permission adjustment, you might have to be root). It will take a very long time; modern disks take about half a day to be read end-to end.
So the first question is: Will you find a deleted file on disk? That depends on two factors. A: Was the content of the file ever written to disk or not? It turns out that file systems don't have to write files to disk, unless the application uses some form of sync (like rsync() calls or opening the file in sync mode). Just writing to a file and closing it does not guarantee that a file is written to disk immediately; all Unixes have some form of write-behind. And in many (perhaps most) file systems, a file that is deleted before it is written to disk (meaning the only copy of the data is in memory at the time of the unlink() call) will actually never be written. Even worse: Some files are clearly temporary files (for example, if you creat() a file, then immediately unlink() it, but continue reading and writing it); there are file systems that have an optimization to suppress writing to temporary files unless absolutely necessary (due to memory pressure or fsync() calls), since the content of the file will never be read anyway if the system crashes. B: Is the content of the file still on disk? File systems overwrite disks all the time, as new content is written. If the file system was ever 100% full after the file was deleted, it is pretty much guaranteed that the old content is no longer on disk. But even if the file system was not completely full, it is quite possible that the space allocator in the file system code has decided to write where the deleted file has been written. Some file systems have a "lowest free address" allocator, which means that recently deleted files are very likely to be overwritten right away.
So not finding the string on disk has very little value; it proves nothing. Finding it on disk proves ... something, although not necessarily that the string was in a deleted file.
Next question: So you find the string on disk. What now? What have you learned? How will you use that knowledge? How can you find out which deleted file the string was part of?