We did it a number of times when the kids were younger. As long as their grades are OK and you clear it with the teachers and make up missing work, go for it. Family time is important too.

But if you do it every year you are bound to run into one of the hard cases. Planned vacation = unexcused absence = zero for classwork for the day. Not much you can do about that, even appealing to school administration sometimes won't work because the teacher is within his/her rights. Another problem is sports, when my kids got to HS the Thanksgiving and Christmas vacations always had varsity basketball tournaments. Missing games voluntarily was certain to cost you significant playing time until you dug your way out of the doghouse.

So if you get the green light, go for it.