Indeed it does. I have a large code base at work that uses this pattern for Django models with a bit of metaprogramming to create a template for types of input sensors. It's amazing what this kind of refactor can do when you need to turn a long conditional into something more generally extensible. New sensor types with custom column configurations take an average of 5 lines of code now, instead of about 30 before.
Yes, it's cataloged in Martin Fowler's excellent book Refactoring, Improving the Design of Existing Code in Chapter 9.