Well, I have a 356 and it does heave to, in its own way, and very helpfully.
In heavy weather: Furl the jib. Head into the wind and waves at maybe 50 or 60 degrees (some experimentation required). Ease the boom until the main is just luffing. Lock the wheel so it is just bringing the bow slightly into the wind. Make slight adjustments until you reach a steady state. Stand back and admire how well the ship will round up slightly, back off slightly, take the waves easily, and probably make 2 or 3 K progress to wind. I've used this both with full and reefed main.
The best example of this technique came in a wild downwind ride, one reef, where the gps actually spiked to 14 mph on one surf, and we averaged an actual 9 mph, 5 hours on a 45 mile sail pierhead to pierhead. It was a handful the whole time. But halfway through, nature called. We rounded up, did what I just described, and the boat settled quietly into the 4-footers while we tended to business.
In lighter air, you can leave the jib up; you just don't want it grabbing a gust in heavy air and swinging the bow down and upsetting the balance.
I've hove-to like this to reef single-handed. (I have the full main.) That works swell, too.