In high performance tactical jets there are 3 ways to reduce airspeed that are quite commonly used. For example, in the US Navy the landing pattern is entered at 250 knots, 800 feet AGL and then a turn made to downwind, with a descent to 600 feet, while slowing to landing speed. For the A7E pattern speed was, depending on fuel weight, around 125 knots. To bleed off all that energy we used the "break," which is a high-g level turn. Of course 250 knots is SOP, but at times, one might come into the pattern at over 600 knots, in which case the break was an absolute necessity to get the aircraft to 125 knots.
The other common way to slow down while in flight was to point the nose up, trading energy for altitude. But perhaps the most efficient way of reducing speed was using the speed break. On the A7 this was a "barn door" that was extended below the aircraft with a button by the pilot. It was very good at bleeding off energy at high speeds. In fact, it was part of the "break" maneuver described above. When not needed it withdrew into the aircraft, and left a flush aerodynamic fuselage. Another use was during a dog fight, hopefully catching your opponent who was at your 6 o'clock off guard, and causing them to overshoot you. This was always a rather desperate move.
On one occasion, I approached the flight lead to join formation at a closure rate of around 200 knots. He was at 250 and I was at 450 as I rocketed towards him. I was close and extended the speed brake, while looking at my airspeed indicator needle drop. Well it wasn't quite dropping, more like kinda moving towards 250. I retracted the speed brake, and felt the aircraft stop decelerating, as I approached fast down his right wing line. At around 10 aircraft lengths away I pulled hard up, and slammed the stick over to the left, never letting up on the back stick. I emerged on his right wing in perfect formation.
By the way this maneuver, or something like it is also used in dog fighting to keep from overshooting an opponent.