Yes, I certainly do make use of "kitty time out" since I own a 15 year old female, a 5 year old male and a 5 month old male kitten!!
I have to accomodate a geriatric cat, a young male in his prime and a baby male trying to find his place in this line up!!
Most of the time the baby is a bit too aggressive for the other two, so he goes in "kitty time out" until he calms down a bit. I have a cage for a small dog (I do not have a dog yet ...LOL!!!), so I put the baby in this cage until he able to behave better!!!
It works well for me and there is really very little conflict in my home...if you do not have a cage, you can just put the kitty in the washroom for a few minutes...whatever gives him/her a chance to be alone for a little while...my thoughts for what they are worth ...kind regards from Deborah in Montreal, Canada