it is a feature but i don't think you would find that it works reliably, especially on small diameter tools. time in cut is more reliable following manf. recommended tool life, they spend lots of time and money estimating tool life.
A better way is automatic part probing or machine vibration monitoring like montronix.
montronix works but it has to be the same part over and over and it is really for tool breakage not wear.
neither is practical or cost effective for the small shop.