Yes, whereas it does work in AH the only practical use is at lower altitudes. The way the game works you can use 70 degrees from 5k all the way up to 12k. You may be able to go higher but it's not as reliable. At the lower altitudes you want shallower angles, which is really the thing that you can take away from this. You cannot come in as steep, obviously, because you would crater just like novices do when dive-bombing. And of course, when coming down from higher altitudes the Mustang builds up a lot of speed, so you must be good at regulating your speed and never forget to pull out at a survivable altitude.
Have you tried this in AH3 yet? I'm starting to appreciate the changes hitech has made.