Yep! Definitely a great idea, one that many games tend to forget about and it's a mistake.
You know why? People, who are learning / don't know that much of English.
To many of you (native speakers mainly) it may sound a bit funny, but lots of people actually start learning english initially because of the foreign games they play and movies they watch. And, simultaneously, movies and games do help many learners to get a proper grasp of the foreign language outside their language lessons (which usually teach you only the plain theory without enough practice anyway).
Even a bit historically-themed English is a very valuable experience to learn someting from to someone who's not native to the language. If you can keep up the pace of the dialogue going on...
I'm speaking from my own experience. Being Czech, at a certain point I made myself a rule to avoid playing any games in Czech localizations whenever possible (if they're not in the language by origin) and to play the English version instead.
Let's just say... it really helped A LOT.
And even though I already got way past the point where I would need anything like this, the pausing option would still remain a very helpful feature for many other people (there are always some new language-beginners out there...).
I still remember when some 15-20 years back I didn't really know much English and I always struggled to get as much as I can from at least the subtitles, which was quite troublesome at times, when the dialogues were running on a very swift pace. With a movie, you can always pause (or jump back) and read everything you need if the subs are too long and run too fast, but in games... you can pause only sometimes and there are usually no rewind options (oh, those good old games like Baldur's Gate, where you had at least the most recent bunch of dialogue lines stashed in the dialogue window... nostalgia!).