Firstly it's nice to show it on this many stages, I was just doing it on FD, never tried on things like PS1 or CS.
Secondly you can't plank with it because you spend wayyyy too much time while not invincible. And since you're not attacking either during this time (because you need to time your second jump and your wall jump), you're very vulnerable to attacks during this window of time. Especially lingering/multiple hitboxes.
But you can time your edgehog with that, so it's a good edgeguard technique.
Edit : you can also use raptor boost to semi-speed hug.
Like, run off the ledge, hold backwards and press B. It's like hugging but slower, so it lets you delay your invi frames.