I've had a few instances where I've won by betting everything. But in other cases, those wins outweighed the losses. You can't win all the time when you bet everything. Or the winnings in those cases have to be astronomical. So whether it makes sense to bet everything because of the low probability of winning is for the player to decide for himself.
but even when betting everything do you mean everything 100% of what you have invested or everything in the account at that time (that could be 0.01% of your total amount)
even when we say max betting there are really different styles of betting everything
some are much safer than others