Are vega vanna volga methods/models used in equity derivatives or only in FX and why?

Vega vanna volga models seem to be popular is the FX derivatives market and are often calibrated via 25 delta risk reversal, vega weighted butterfly, and ATM straddle quotes. I am wondering if they are also used in the equity, futures, or commodity derivatives markets. If not, why? What makes the model suited specifically to FX markets?

Because of these complicated dynamics, when you price FX exotic options, you estimate the "overhedge" - the additional cost of hedging the volatility risk, and include it in the price of the exotic. The vanna $$\frac{d\ vega}{d\ spot}$$ is simply the change in vega due to change in spot. The volga $$\frac{d\ vega}{d\ vol}$$ is the change in vega due to change of volatility. If they are non-zero, then every time the spot or the vol changes, your vega changes. In order to keep your vega exposure flat, you must trade some vanilla options.