There are some tests found in cmake git repo:
bash-5.2$ cd Downloads/cmake/Tests/
bash-5.2$ grep -rw CMAKE_ARGS
./ExternalProjectSubdir/CMakeLists.txt: CMAKE_ARGS -DNORMAL_VAR=NORMAL_VALUE -DGENEX_VAR=$<1:GENEX_VALUE>
./LinkDirectory/CMakeLists.txt: CMAKE_ARGS "-DCMAKE_RUNTIME_OUTPUT_DIRECTORY=${LinkDirectory_BINARY_DIR}/bin"
./ExternalProjectLocal/CMakeLists.txt:CMAKE_ARGS -G ${CMAKE_GENERATOR} <SOURCE_DIR>
./ExternalProjectLocal/CMakeLists.txt:CMAKE_ARGS --install-prefix=<INSTALL_DIR> -G ${CMAKE_GENERATOR} <SOURCE_DIR>
./ExternalProjectLocal/CMakeLists.txt:CMAKE_ARGS --install-prefix=<INSTALL_DIR> -G ${CMAKE_GENERATOR} <SOURCE_DIR>
./ExternalProjectLocal/CMakeLists.txt:CMAKE_ARGS --install-prefix=<INSTALL_DIR> -G ${CMAKE_GENERATOR} <SOURCE_DIR>
./ExternalProjectLocal/CMakeLists.txt: CMAKE_ARGS -DCMAKE_INSTALL_PREFIX:PATH=<INSTALL_DIR>
./ExternalProjectLocal/CMakeLists.txt: CMAKE_ARGS -DCMAKE_INSTALL_PREFIX:PATH=<INSTALL_DIR> -G ${CMAKE_GENERATOR} <SOURCE_DIR>
./ExternalProjectLocal/CMakeLists.txt: CMAKE_ARGS -DCMAKE_INSTALL_PREFIX:PATH=<INSTALL_DIR> -G ${CMAKE_GENERATOR} <SOURCE_DIR>
./ExternalProjectLocal/CMakeLists.txt: CMAKE_ARGS -DCMAKE_INSTALL_PREFIX:PATH=<INSTALL_DIR>
But I can confirm, it does not work with cmake v3.30
?