I don't think they are nearly so common now as a few years ago. Primarily, IMO, they allowed semi-skilled labor to produce acceptable parts more readily. You could be pretty sure the hole locations were right even if a trainee on a drill press did them. Some are build like hinged boxes where a forging or casting is set inside resting on predetermined tooling points or datum points to locate each part the same. The part is clamped down and the box lid is closed and pinned. In this case, holes on all 6 side of a part can be made. Typically, hardened bushings are pressed into place, and slip bushings are inserted into them. This allows for several sized drils to be put in the same location. Most of the time when this type of drill jig/fixture is used, it's on a multi-spindle drill press, or a turret drill like a Burgmaster.
I've been stuck for a few days running this type of operation. It was before NC/CNC became more affordable