The GCP team did a blog post similar to this about using Load Shedding to survive a spike[0]. It's definitely a great way to survive a sudden spike in traffic, but not optimal, as serving errors is also bad (unless your clients have some sort of retry mechanism in-place). But if your clients do have a retry mechanism in place (especially one that has a backoff time on retries), it can be a great way to handle high loads.
[0] https://cloudplatform.googleblog.com/2016/12/using-load-shed...