That is not waiting though. Unless you call actual wait(), task.wait() or coroutine.yield() functions, you would achieve nothing but simply stall the entire engine for that duration.
I don’t see any practical applications where waiting less than a duration of the frame is necessary, since pretty much everything else in the engine happens once* in a single frame, which means even if you trigger something precisely at the exact moment you want to, you would see the result only after it renders.
* Physics run 4 times, one after another.
P.S.: There was a similar post a couple of months ago, and a member of Roblox Staff has explained why waiting more than 60 times per second is unnecessary: