No it's not, it's retarded. It doesn't take a minute or two, it can be done within the time it takes further ballboys to go and get the ball and give it back to the player to take the goal kick/free kick anyway, so it won't waste any more time. Doesn't need doing for everything, but certainly for goals, penalties and red cards it shoud be used.
Ask yourself this: When they show you the replays on TV a couple of times and then cut back to the action, do you actually miss anything? No, you don't, because people take ages to sort themselves out anyway.