No way, it's only used by the most elite acm masters and is totally applicable in the real world too..
A true tail slide has been (and still is in Russian doctrine) used in air combat. This is what an actual tail slide looks like:
https://www.youtube.com/watch?v=HCMaSWuh-4oThe latest Sukhoi aircraft perform this maneuver very well with thrust vectoring.
Aces High version of the "tail slide" has no real life correlation, nor would it work. It's a violent cross-controlled stall performed at a high angle of attack, done to purposely depart the aircraft from controlled flight. Not even modern fighter pilots in current aircraft would do such a maneuver without extensive calculations beforehand, as you highly risk over-G of the aircraft and in-flight breakup. Even if over-G does not happen, the inherently unstable flight condition would send you into a well-developed spin in real life and make recovery very difficult with
severe (thousands of feet of) altitude loss.
The ingame version seen commonly is just gaming the torque modeling, and doesn't work anywhere else but AH.
I have to admit that I'm guilty of using it myself from time-to-time. This isn't really a sim, it's a game with sim-like features, and so it's going to allow maneuvers that are gamey. If you want a combat sim, this isn't the right game or crowd.