if this was such a good strategy, teams would do it all the time. The fact that it is done so rarely by people paid to make these decisions should tell you something.
If you foul then they foul, both teams get two free throws. Which team comes out ahead in that exchange is a coin flip. Either way, the opponent get the ball back with, say, six seconds instead of 10. This doesn’t make much of a difference, and you might be a point for two horse off. Better to just play defense, where your worst case is OT.
Things are different when there are one or two seconds left. Then, the back-and-forth free-throw battle is less of a problem.
I see this all the time when the team on defense (UT in this case) has a lead of 3 or more points. Horns need to rebound a missed FT; and dribble out the clock or hold it while the last seconds run out. Or shoot FT's and force OU (with no time outs) to get up court and make a shot. Typically, the team in ou's position must make a shot from half court to tie. I'll take those odds.