I think it conventional, as you say, between characters in anime, and buddies in mystery fiction regularly do some form of it, adapted to their circumstances and personalities.

I get that you are asking about real life. In the family I grew up in, no, nobody ever did this. But the fact that I was/am not used to accepting it has been a sort of handicap in the real world. My husband's siblings tease him and each other heavily, and feel that I'm fair game too, so I often have to take long walks when there are family gatherings. To me it verges on the viscous at times.

My sons do a version of this, too, but it is much more affectionate, and they always smile and trade little whacks or scuffles. It has a different flavor. It's loving, not like vultures after prey. Glah.

I think if people mutually respect each other, they're going to try not to hurt each other, and that means not using words that aren't mutually understood to be acceptable. As for what those are, it seems to vary. Peter and Neal don't call each other idiots.

Thank God.