It's not unusual here, and I guess it depends on how you're working. I've used punch-ins twice in my life: once in a real studio when the time was running short and once when I got my first DAW, to experiment w/ it.
So I'm usually trying to record either the whole part in one take, either entire sections of the song (verse, chorus, bridge). Since I'm playing against programmed/virtual instruments, I try to compensate by having the guitars and vocals more lively, and to have all the right little imperfections in all the right places.
In fact, this week marked the first time that I actually tried a different approach and broke down parts into components, because, partly due to the key the song was in, it made it nearly impossible to play the melodic part and be back on time for the power chord punches, which had to be as clean as possible. After a couple of attempts to run through entire section, it became evident that my usual "live arrangement" approach didn't really work.
That being said, if both the melodic and the power chord parts have to be played, say, 3 times in a verse, I'll have those 3 times nailed in the same take for each verse, and possibly all verses recorded in one take. For my own stuff, I'm not into comping. I usually just delete everything on the spot if there's any weak spot and simply record another take.
I've always wondered how granular people allowed themselves to go w/ their own performances...