Why Is The Cobra Maneuver Mostly Useless In Combat?

The Cobra maneuver is an example of aerobatic supermaneuverability first pioneered by the Swedes with the Saab 35 Draken decades before the Soviets named it. The maneuver has become associated with Soviet and later Russian fighter jets (particularly the Su-27 Flanker family of fighter jets). While it is indisputably one of the most awe-inspiring fighter jet maneuvers to see, does it actually have any value in an air-to-air fight?