Very common. The vibes and people varied based on the people throwing the party. Maybe it was a house party when someone's parents were out of town. Maybe it was a kegger at the lake kinda outta the way in the dark. And everything in between.
Also, Hollywood wouldn't have been making films in the 90s and 2000s to make you feel bad if this wasn't the case. They'd be making the contemporary teens of the day feel bad, which they certainly didn't because they could identify with the scene.