Do airline pilots use this high-speed, high-drag technique for losing altitude?
Airline pilots certainly do use gear/flaps/spoilers to descend more quickly if needed. However, SOP typically requires an approach to be stable upon reaching a certain altitude on the approach. This means having speed and airplane configuration set for landing, and being lined up with the runway and on the glideslope. Unstable approaches are more likely to result in landing mishaps.

Some situations such as a runway change may require late changes to the approach. It is up to the crew whether they can safely make this change or if a go-around is the better option. S-turns are another way to lose further altitude.

When Air Canada Flight 143 ran out of fuel, the pilot used his glider experience to perform a forward slip to lose altitude. These sorts of maneuvers would be reserved for an emergency on an airliner.