nirvana,
empirically speaking, repeatedly engaging wheel brakes at intervals slow the plane down a lot faster than just holding the bakes down.
When brakes are held down but the plane still moves down the runway, it means the wheels are virtually skidding across the runway rather than rolling, because the traction is not enough to bring it to a complete stop.
Therefore, by repeatedly engaging brakes, you force a 'grip' to the surface each time you press down the brake. This gives out a lot more traction than just holding the brake down and letting it skid and drag across the runway.