I don’t think that is as effective. While you’re certainly dialing in your calibration for a specific endmill and material, it’s not really calibrating the steppers/belts.
If I don’t get accurate results by measuring gantry movements as shown above, then it’s an issue of tool deflection, runout, or something else that I should compensate for in software or in my CAM - the motors are moving exactly what they are told to move.