I wouldn't call it a hack, but it's not a general alternative for memory allocated on the heap since the lifetime is tied to that of the allocating function.

I think what you're referring to is an arena allocator where you allocate a big chunk of memory from the heap, then sequentially sub-allocate from that, then eventually free the entire heap chunk (arena) in one go. Arena allocators are therefore also special use case since they are for when all the sub-allocations have the same (but arbitrary) lifetime, or at least you're willing to defer deallocation of everything to the same time.

So, heap, arena and stack allocation all serve different purposes, although you can just use heap for everything if memory allocation isn't a performance issue for your program, which nowadays is typically the case.

Back in the day when memory was scarce and computers were much slower, another common technique was to keep a reuse "free list" of allocated items of a given type/size, which was faster than heap allocate and free/coalesce, and avoided the heap fragmentation of random malloc/frees.