Do we follow these in Real Life Scenarios?
Yep. This is all part of a service Anaplan provides called "concurrency testing". Contact your Anaplan Business Partner to get all the details. Not sure if there's a fee anymore.
You probably already saw this but all the @andy_tarr's article's are amazing. Check out the FAQ.
As far as data sanitization goes, I can tell you that you will have to sign a waiver to that effect before Anaplan will run the service. You really can't have real data, even development data.
Even when I ask Anaplan Support to copy a model from one workspace to another, I have to sign that waiver. Very important.