That might be useful for a gang-banger hosing down a crowd with a full-auto weapon. Hold sideways, aim for the guy on the right, let recoil carry your point of aim across the crowd.
No, not really. I found it to be very accurate with my semi-auto .45 shooting at a stationary target which means getting back on target. There are two advantages. As dr_lew intuitively understood the grip is stronger so recoil is easier to handle. The second advantage is that the gun doesn’t rise into your line of sight momentarily obscuring your target. Using a point-and-shoot method with any firearm doesn’t require holding the gun up near the face anyway but out of habit one usually does when holding a pistol vertically in the traditional manner.
Particularly at night, when the sights may not be visible. But even with the broomhandle Mausers, the troops were trained to use the stock, take a steady sitting position and use the sights....when they could see them.