Yes, there are built in methods for this. Here is direct Documentation example for "EdgeWeighted" -> True oprion.

Consider a random graph which due to its tree nature will produce a tree-like layout with automatic settings. The edges are randomly weighted with weights shown as edge labels.





SpringElectricalEmbedding and SpringEmbedding can take an additional option for to specify whether edge weight should be taken in account or not. Here is a comparison table of weighted versus not weighted layouts. The edges are labeled by their weight. In the right column larger numbers correspond to longer edges.




Now to go to 3D we need to use the same embedding but specify dimensionality of space 3 to for the GraphEmbedding function:

This is exactly what I was looking for. Perfect answer.
THANK YOU Vitaliy!