Not really, it's only suitable where your code is processing some other large input that you don't understand, and when your changes are usually easily toggleable at runtime and can be applied to only part of the input.
I assume you were talking about using hashes to encode some property of the program that you use for bisection. git bisect is still bisection but somewhat different IMO
I would frame it differently: stack hash bisect is only suitable where your code is linked into some other large program that you don't understand, and when your changes can be toggled on a per-invocation basis. Then you can use it to identify the exact stack through the larger program that leads to your code and works with the old behavior but breaks with the new behavior.
(saagarjha seems to be talking about 'git bisect', which is not really what the post is about.)