Yup, it works well. If I have the time, that's the way I cook a steak.
I will say that it works best for thicker cuts that might serve more than one person. Something like a 1.5lb ribeye, cooked at 250 until you get to 220 internal, then sear for 20 seconds per side. I found that got me somewhere close to 225, but not over it.
You do need a pretty good leave in thermometer. If you're cooking at low temp like that, you don't really want to be opening the oven door to do a touch test constantly.
i like to do sous vide on a strip or filet, and then sear it briefly on each side to finish. same idea. works really well.