Not if the player mastered the move, if he had amazing vision and if he was smart enough to do it only when he was sure it won't be intercepted, as it actually was the case with this guy who was an amazing passer.
Just take a look at 0:24 and how many options he has there. He can receive the ball and hold it by the line. Maybe win a throw in and then start a positional attack, or maybe hold it, turn around, pass it back, and then turn again and run forward, but lose precious 4-5 seconds meanwhile and allow the defense to organize. This way with a single move he starts a counter and is free to run forward.
Back-heel passing, if you're great at it, gives you many more passing options, and your teammates will always expect that pass if they know that you're a guy who does it often and can find them wherever they are.
P.S: And if you watch it carefully, you'll see that usually he's not doing it as a deception but because that's the best (or only) way to find his player. That's what i was talking about when i said that it gives you many more passing options.