Sure, I guess. They originally got popular in Scotland and the americas for different reasons; Scotland because wearing a woolen blanket is nice and warm even when it’s wet and cold. The slit allows you to throw one side over your opposite shoulder, turning it into a sort of scarf. Or if you need it out of the way, throwing both sides over your shoulders quickly turns it into a cape. You could use a brooch to keep it in place if it’s windy, but that’s largely optional:

They were popular in parts of the americas for the exact opposite reason: Made out of thinner material, they’re great for keeping the sun and dust off of you. They’re basically a poncho, and after a long day of cattle driving or working on your farm, you can roll it up and use it as a pillow for your bedroll, or as a blanket.

Also, Gandalf wears one. No, really. That’s not just long sleeves on his robe, it’s a ruana. So apparently they’re good at making you look like a wizard.