I have clients using FIFO as costing method for manufactured items and are using the standard cost roll-up just to get a reference cost at the time of establishing a new item.
When you do a standard cost roll-up the roll-up costs and single-level costs fields in the item table gets populated (if you add those to the page a user can see them). Those are also what is displayed on the statistics page in the standard cost column on production orders. So, doing a standard cost roll-up on an FIFO item can add some value for a user (but the inventory and COGS will always be FIFO).
To me FIFO is more common in Europe and Standard cost more common in the US.