Yes ... but it's poor technique. It would be much better to make the effort to learn how to control your descent properly than to develop inefficient habits to compensate for a lack of skills.
The reason most new divers descend vertically is because it's (a) what they're used to - as land-based, walking creatures ... and (b) what they're most commonly taught by instructors who don't want to make the effort to teach the skill properly.
The biggest problem with a vertical descent is that it leads to chronic overweighting ... due to the fact that when you're in a vertical position you WILL try to control your descent by finning. In effect, you're propelling yourself upward while your intent is to go downward. This leads to the mistaken impression that you don't have enough weight to sink, and so you add more weight that you don't really need. Overweighting leads to all kinds of buoyancy issues.
The most effective technique to descend is to deflate your BCD, exhaling to expel all the air from your lungs as you begin your descent. Once you are down a few feet, bend your knees to move your fins back. The force of the water pushing up on your fins will start to push your feet upward, naturally pushing you into a horizontal position. At that point, extend your legs as your body rotates into a horizontal position. Breathe normally, adding gentle puffs of air to your BCD to maintain a steady rate of descent. As you approach the bottom, inhale completely to stop your descent before your touch the bottom. When learning the technique, try to stop within three feet or so without touching anything. With practice, you can arrest your descent within inches of the bottom without ever needing to touch it. Then, as you exhale normally, add short puffs of air into your BCD to compensate for the air leaving your lungs ... just enough to remain in position.
This technique requires practice ... but once you learn it, you won't ever again have to worry about uncontrolled descents.
... Bob (Grateful Diver)