Wake-up supers are generally just a bad idea because:
A) If it gets blocked, you’re probably eating a huge combo, or at the very least, you just blew a full bar of super that probably took you a while to build.
B) It’s a shenanigan and not something you should rely on. Relying on stuff like that will prevent you from learning how to win using a consistent strategy
That being said , it’s a legitimate tactic. Just not a great idea against anyone good unless it’s 95% safe against a lot of characters like corkscrew blow – and even then, you usually just end up wasting a bar for a bit of block damage.
Most good players in any game will either safe jump after a knockdown, delay their attack to avoid wake-up reversals/supers, or in the case of 3S, just walk in and guess parry. Generally, you see more meaties in games where reversals are either difficult to do consistently (ST) or in high level matches where people can generally expect their opponent not to try something so obvious/unsafe (even though it still happens, obviously). Better players are trained to assume that you’re gonna try something desperate when your life gets low, especially when it’s someone they haven’t played before. Admittedly, everyone forget sometimes when they’ve got a crazy amount of momentum going, and they’ve got you at 20% when they have 90.
The only character (other than Hugo for obvious reasons) I can think of where it’s a consistent part of their gameplan is SA2 Makoto because she can end the round if she lands it, so it’s something that’s worth going for. Plus, most people are paranoid about it, so it gives you a big advantage in a bad situation.
If you’ve got a super that’s dangerous on wake-up, you’re better off using that fear for mindgames rather than actually doing it.