It is a perfectly idiomatic (natural) pattern used in informal English.
The parachute deployed at the last moment, a successful trial drama-wise.
'X-wise' acts like an adverb, where X is a noun. It can be translated to 'with respect to X'.
It is being used more and more lately. It can be a little jarring to mix formal and informal registers. Like with any new pattern, it can be used to interesting effect in formal writing, but shouldn't be used too much as it is considered out of place.