It's still a chord with a flattened fifth for whatever reason. I play it (along with A7+5 and Adim7 and Am7-5 - the latter two being different beasts in case I set people off again; the one with a G and the other with an F#)

Whether they are applicable to folk music or session playing is a different thing.

Definitely seen and heard some of my favourite session accompanists playing them sometimes- for the most part appropriately (for me)