I call it a “poor man’s low-pass filter” and I use it everywhere, all the time.
I usually multiply the third term by a constant I call “Snappiness”
result = Mathf.Lerp( result, target, Snappiness * Time.deltaTime);
which lets you adjust how snappy it adjusts.
Lerping to smooth things out:
In the case of input smoothing (implementing your own input filtering):