The Moodle learning management system [1] uses a very similar UI for moving items (links, documents, etc.) [2]. It supports drag and drop, which is more convenient for small moves, but this method is better for big moves or moving between sections (~folders). I think Moodle can only move one item at a time, though.

I think the pattern probably works better for this kind of thing than for files, as files aren't often manually ordered.

[1] https://moodle.org, https://en.wikipedia.org/wiki/Moodle

[2] https://www.umass.edu/it/support/moodle/reorder-sections-or-...