Clearly the play can be executed & also be effective. The question is this: With about a million things to work on in a given practice time, where do you rank the "Let's get all the pitchers & 3B together & generate signs to add to the mix & work on 3B pickoffs?" If you answer the rank is about 999,999 out of a million, you would be correct.
If you have a pitcher who is remotely competent, with a runner on 3B, if he goes from the full windup, he glances over at the runner prior to starting the delivery. This checks the "Jackie Robinson" jockeying as he just steps off & throws to 3B if the runner gets way down the line. If he is in the stretch, it is a non issue. Just step off & throw to 3B.
The problems come in when you have timing of different leg lifts (assuming RHP), the 3B is in motion to the bag, the runner is coming back in & the throw needs to be borderline perfect to hit a moving 3B target & avoid disaster. The play is a loser, overall. If it was a "good" baseball play, you would see more of it.