Well, great examples for this are Stronghold Legends, which has a pause function, but no possibility to order units around or build stuff while paused and Stronghold 2, which has a pause function, where you can still give orders and build things.
Both are great games, and the different pause features implicate different tactics. However, in games versus the AI player, I think it is a good idea, since the AI plyer can multi-task and give different orders to different troops and builders at exactly the same time, whilst humans cannot do such things. Of course, when playing against another human, this is not needed, for both players are equal in that perspective.
Therefor, I think it would be a nice add-on for singleplayer games, but it shouldn't be used in multiplayer (but I'd love some sort of pause function, where you can just stop the game for a short bathroom-break and things like that)