That's the factory-recommended procedure for several brands now and works well on my Mercedes and Honda. I was skeptical at first, but did the extraction and then removed the drain plug and the oil I got from the bottom wouldn't have half-filled a shot glass, so that's good enough for me.
As long as the filter is accessible from the top or side, I don't see the need to jack up most wet-sump cars (which is almost all of them).