Are suspended ceilings common in residential buildings?
In the US, it's often done in basements.  You're right in that it's relatively simple and light weight construction techniques.
Typically builders finish the ceilings in the rest of the house.  But finishing a basement with such material allows one potential future access to utility wires/pipes/ducts that would otherwise be exposed, and the ability to establish a ceiling height that takes into account any utilities that drop below the joists.