I try this occasionally, especially if not feeling great or think, but don't know, that I can win (either the race or masters division). I'm definitely a "Hobby jogger."
I did it at a very small indoor half marathon recently. Led the first 2 laps at a realistic pace. Then slowed down and forced the others to follow me or pass. So the guy who I thought would be the main competition took the lead and I tucked in for like the next 60 laps, We were slowing down then, about 1-2 seconds a lap, and he dropped off. Then another guy who I didn't expect came up and took the lead. I kept on him (back to realistic pace) until like mile 11 (lap 90ish). He threw in a surge, broke me, and that was it. He put 300m on me in the next 2.1 miles. Yep, I was lapped in the last mile.
2 years ago, I ran in a 10 race series. Had a good lead after 7 races. 2 of the last three were trail races (not my forte). So I just rode the tail of #2 in the series, to make sure he didn't close the gap too much during races 8 & 9. The last race I still had a 10 minute lead in the series and just kept him in sight until like mile 10 or so of a 15 mile trail race. He went for it and I knew there was no way I could lose 10 minutes in 5 miles unless I broke something important, so I jogged it in. Won the series by like 6 1/2 minutes.
I'm also going to try and do it Saturday in a 5 miler. I don't feel good, but hopefully everyone else is slow. Run as easy as possible to stay at the front for 4 miles, then ratchet it down and hopefully drop the pack by 4.75....if possible. I don't want to leave it too late, I don't out sprint many people. There is a crowd who could show who would drop me in the first 1/4 mile, but this race isn't their style.
So it's a strategy that doesn't really work for me usually. But I've won 3 races, 2 from pushing the whole way and one by sit and kick. I'm old and slow and didn't run when I was younger. I never thought I'd win anything, thought I'd be lucky to place in my age group. But now, when I'm in shape and feeling ok, I usually have a chance at masters if it's a smaller race (120 or less).