It's a term used frequently in NoSQL land, to explain a key difference to people coming from SQL. In SQL land, normalizing your data is still the canonical thing to do, and I don't recall anyone in academia officially talking about denormalizing ever having its place...but in industry, the realities of use cases and performance have meant its usage. But I don't know that it's a standard tool given out to graduating software devs and DBAs.
The link I posted above is a common SQL land usage. Dimensional modeling in a star schema is very widely used in BI projects.
There's actually two competing philosophies on data warehousing (Inmon and Kimball), but I've only ever used Kimball's method, which favors denormalization.
Yes, and almost always used as pre-emptive optimization that didn't need to be done. Often times even making things slower because the person doing it didn't understand what they were doing, they just heard "denormalizing makes it fast".