interval cooking vs regular cooking meat
This would be essentially the same as cooking at a lower temperature.

It would also require considerable labor and handling, which is the single scarcest resource in a restaurant kitchen.

Modern restaurants, except in areas where the regulatory environment is hostile, can use sous-vide cooking methods to achieve much the same goal:  pre-cooking a steak to its final temperature, where it is held, and then only seared for service, with far less labor and fuss, and better, more consistent results.

In googling "interval cooking", this question itself was the number one hit, and nothing else was relevant.  While I won't go so far as to say no restaurant would do this, it certainly does not have significant traction.