No, i'd say it is very uncommon, unless you need to implement a device with a large number of 7-segment digits. Let's say you build a power supply with two voltages and concurrent display of voltage and current. 25.00 max volt and 3.00 max amp. that would be 14 digits or 98 segments. The choice then would be to use a long shift register, addressable buffers or multiplexed output. I would probably go for a long shift register, but I have seen some designs with multiplexing. As I mentioned before, they do have one big problem. Unless there is a watchdog to cut away the LED current if the processor locks up, a lot of digits can die from bad programming.

I have found some multiplexed equipment when trying to photograph them and having just one or two - very bright - segments lit on each digit when looking at the photo.