"ANGLO-American" would refer only to people who are descendents of the
Angles, in other words the English.  "EURO-American" includes everyone from
any place in Europe.  As most American descendents of Europeans are mutts
with grandparents from every which way, this term is much more accurate.

As to common useage, I think one's familiarity with the term might depend
upon one's subject of specialization.  In some fields it is very common.  I
just used the term frequently in my thesis.

Beth Hansen
John F Kennedy University ALUMA!!!