Yes. I've been carrying one in my day pack for at least 30 years… Initially going with the super-tough versions but lately switched to a fairly light one that's tall but somewhat narrow (54"x36"). I don't bring one backpacking because I have other gear for shelter.
I've been considering making a Bothy bag to carry for day hiking instead. Otherwise I may score a bright orange highway clean up trash bag because of the visibility issue.