Sure you do! It's how online schema changes tend to be done, e.g. https://docs.percona.com/percona-toolkit/pt-online-schema-ch... describes doing an atomic rename as the last step.
There are sometimes temporary views to keep the old and new code working during gradual transitions.
It certainly has a drop-swap approach which does a table rename, even though the resulting table ends up with the same name as before.
That's how I encountered the MySQL table-rename-crash bug.