you have a jib
on that dinghy
? Hard to heave-to without one.
I see the kids in the Flying Scots doing it all the time between races. If you're waiting around for whatever reason, it's much easier on the sails to have them filled (mostly) than luffing, and easier on the people to not have to keep steering all the time.
The Scots, though, are pretty stable for a centerboarder. Agree it's a light-air thing unless you have a keelboat.