Personally I've been a fan as it aligns incentives for developers to care deeply about code quality/stability/etc. YMMV if not working on a SaaS product where build/deploy is measured in just a few minutes.

We've invested in a mix of both automated testing, of course, and a lot of monitoring/alerting/tracing to detect problems quickly. That can act as a safety net for deploying frequently that problems will be caught early and can be corrected (rollback or fix & roll-forward).

I'm a fan of saying we've chosen to optimize for MTTR instead of MTBF.