No, it's a spectacularly bad thing. Unfortunately most dev cultures assume that it will always be necessary. In pretty much all cases it's a management failure.

But yet there's a day when you're ready to release, and therefore need to coordinate with engineers on monitoring the release and fixing last-minute bugs and dependencies, with ops on deploying the release, with marketing on writing a blog post, and with sales on communicating the features to the customers.

This day could be called "crunch time" even if no external deadline is handed down.

While "crunch time" might not be a good thing in software development, it's essential to a growing business.