This works just as well/quickly as a retained mode API in almost all cases. There's some cases like extremely long tables with varying row heights and sortable columns, where you need an efficient diff of the table contents. Since recalculating layout and sorting every frame is inefficient. Retained mode APIs do this with methods to add and delete rows. It's possible to do with an immediate mode API, but to detect differences in the rows passed in quickly you need to use a functional persistent map data structure with log(n) symmetric diff. Or you can just have an API that is mostly immediate mode but has some kind of "TableLayout" struct that persists between frames and is modified by add and remove functions.
I'm curious what API you would use for implementing a table with varying row heights (that you only know upon rendering but can guess beforehand), sortable columns and millions of rows. I implemented this in an immediate mode GUI API a few months ago, and I did it with persistent maps and incremental computation in OCaml. Incrementally maintaining a splay tree and a sorted order by symmetric diff of the input maps. This isn't as nice of an API in languages like C++ so I'm wondering if there's a better way.
In general my policy is that when things get really complicated or specialized, the application knows a lot more about its use case than some trying-to-be-general API does, so it makes sense for the application to do most of the work of dealing with the row heights or whatever. (It's hard for me to answer more concretely since it depends on exactly what is being implemented, which I don't know.)