As a kid, yes. As an adult protecting your kid, also yes. As a way to discourage bullies from bullying? Unless you are willing to escalate to jail, no. And even then it isn't that you have dissuaded them, it is that you are physically restraining them.

We can pretty reliably do better than that now. And yes, schoolyard bullying is way down from what it used to be. (A fact somewhat hidden by our calling out milder forms of bullying.)