Agreed. It also can be pretty good in the corner.
Considering Sub thrives in the corner, which isn't meter dependent, and mid screen his goal is to put you in the corner, this can actually be a viable use of meter. Typically Sub Zeros would opt to hold the freeze to see if it hit before letting go, then backdashing/letting it rip subsequently. Utilizing the X-Ray as a method of parrying a counter poke or some kind of button in this manner could be another means of initiating a 50/50 or hitting an opponent with an X-Ray if you read a poke.
I mean, when you look at a lot of footage of Sub Zero play, and when I play Sub Zero myself, it's very common to have a full stick of butter, especially while you're cornering someone. Obviously isn't going to be an instant go-to whenever you've got the bar, but it's enough of an option for your opponent to keep in mind, and a method to open them up.
Sub Zero making his opponent scared to act is also something he's been doing for years
So in a way, this tech is canon.