I suppose technically a similar technique could be used at power substations, but it wouldn't be efficient or practical at the very high voltages and power levels required.
On the secondary side of the now much smaller transformer, the AC is rectified to DC again, and regulated to the desired voltage (5V, 12V, etc.)
-=0=- -=0=- -=0=- -=0=- -=0=- -=0=- -=0=- -=0=- -=0=- -=0=- -=0=- -=0=-
Ha ha! You said “rectified”!
Seriously, though... Remember the relatively big selenium rectifiers? I just tossed an old-style battery-charger (auto 6/12 volt) that had one of those in it.
Thank you Bell Labs et.al. for the transistor!