That's the route to shipping features faster for sure, but it costs more, requires duplication of effort, and is really painful when you discover two teams built the same thing and you want to unify on one version rather than paying to run and maintain both. Plus, when the cost cutting comes in the bad times, you find whole teams are axed because you don't need two sets of people doing the same job. The remaining engineers then have to unify the features but without the resources to get the work done and without access to the institutional knowledge required to understand the version they didn't build themselves.
If you're an engineer in a FAANG it's not a bad solution to the shipping issue. If you're anywhere else it's a road to absolute chaos.