dThe first rule of navigation is that when you hide information, its usability declines precipitously. This rule becomes exaggerated when we are talking about navigation clicks (mobile) as opposed to hovers (desktop).
So the TL;DR version is - no it's not a very good idea in most cases.
Let's start easy - where is it okay to have deep nesting, even in mobile? A nested nav is great if you know exactly what you want, and you can make them pretty damn fancy too. For example, if I know that I want a men's white crew neck tee in medium, the menu tree is great. Thousands of hours of Internet fluency have taught me to shop > mens > tops > tees. I don't even have to look.
What if I'm shopping for a Christmas present for a 12 year old girl though?
Now it's useless, which is why top shopping sites offer an exploratory "filter" based navigation system in addition to this one. In fact, I'd guess it would be downright frustrating to browse the shop in that way when my goal changes.
That's the sort of thing we need to predict effectively when designing a web canvas. When a user changes their reasons (or their use case), suddenly large parts of the design may stop being efficient.
"But Ian", you say, "Do you REALLY expect me to put all of this stuff on ONE MENU LEVEL?"
No, friend. That would be chaos. I expect designers to know their users though! The art in user experience design is knowing how to cut out 80% of your interface while still retaining navigational clarity.
Does your site require a nested multi-level menu, or can we simplify using multiple internal hubs with rich exploratory tools?
Avoid the old menu pattern unless you know for a fact that it's what your users expect, most need, and desire. If you aren't sure, watch them use your site and ask about it. Users love to talk. Want to get really tricky? Repeat the exercise while having them do tasks on your competitor's sites.