It's a totally valid approach if you just need to deliver within the Rec.709 color space. However, for broadcast work, it's recommended to hard clip the signal & gamut limit it after your ODT to ensure your footage is broadcast-safe.

To be fair, this procedure is also advisable when using any other industry-standard ODT, like the Arri Rec.709 LUT. If you're unfamiliar with how to do this, watch this tutorial here.

Of course, this approach is applicable if you need to deliver multiple different versions like HDR, theatrical & Rec.709. However, be aware that you'll need to come up with your own solution for hitting all the different targets and delivering everything correctly, as opposed to just switching the ODT and performing a slight trim pass when using AC