Activated carbon is good for removing meds. Beyond that, other materials and methods are a more common choice.
This doesn't mean it can't be used or that it won't work as intended. E.g., some people who run drip systems and at the same time live in an area that uses chloramines have posted that they find carbon block filters to be an attractive addition. (I don't have experience with either, but that is what they have posted.)
However, in general, compared to the alternatives, people routinely don't use it.