If you mind the ship, no problem?
A sudden wind shift and you can see pretty exciting rate of climb even at high altitude - at least with the 737NG autopilot. V/S brings about a smoother ride if you tame the horse a bit. Also ATC requests to pass a level within so many minutes can be achieved by trading speed for ROC, within limits of course.
To answer your question, there's no SOP in place here that prohibits its use. So yes, I use it occasionally.